Do you need to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This may be attributed to many factors, but commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
The process of a short sale...
First, figure out the true market value of your house. If your finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate agent that knows the current conditions of the Prairieville real estate market is the best way to get a realistic opinion of what your home could sell for.
When you're ready to get started,
contact me through my site or
e-mail me. I'm happy to address any questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. My experience has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and make them aware of your situation. They may even have a specific team that deals with short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.