Ready to short sell your home?
Don't know what a short sale is? A short sale occurs
when you owe more than what the house will possibly fetch in the open market.
Short sales are typically caused by values in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, assess the true market value of your property.
A good real estate professional, like Georgetown Realty, will be able to give you a good idea of what your property should probably sell for based on a market analysis. Watch out for websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Need an honest idea of what your home today's market? Contact me today
to find out how Georgetown Realty can help.
Next, determine your closing costs. My experience has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and let them know of your situation. They may even have a dedicated department that oversees short sales. Ask about their exact procedures. Some lenders will be more able to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.