Need to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This could be attributed to many causes, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?
First, assess the true market value of your house. A knowledgeable REALTOR®, like Atlas Real Estate will be able to give you a good idea of what your house should probably sell for based on prior sales of similar houses in the area. Be cautious of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, estimate your closing costs. My experience means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and tell them of your situation. They may even have a particular team that manages short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.
Contact me today so that we can begin to assist and offer our expertise to help you through your financial issues.