Need to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than what is owned. This can be caused by many reasons, but most commonly is a result of a rapidly declining housing market.Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
The process of a short sale:
First, assess the true market value of your home. A good REALTOR®, like those at EZ Home Search Real Estate, will be able to give you a reasonable idea of what your house should likely sell for based on a market analysis. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings. |
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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 about real estate short sales. | ||
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Next, calculate your closing costs. My work in this area has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and tell them of the situation. They may even have a particular department that deals with short sales. Ask about their exact steps. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
