Are you ready to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be due to many causes, but often is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, figure out the true market value of your house. A knowledgeable REALTOR®, like Mickey Hambright, will be able to give you a good idea of what your property should probably sell for based on prior sales of similar houses in the area. Be cautious of 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.
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Next, be sure to figure in your closing costs. My experience has taught me to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and let them know of the situation. They may even have a dedicated team that deals with short sales. Ask about their particular steps. 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 give consent for the final sale.