Ready to short sell your home?
Not sure what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is often caused by home prices in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, find out the true market value of your home. A good real estate professional, like Connection Realty LLC, will be able to give you a reasonable idea of what your home will possibly sell for based on a market analysis. Be careful 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.
Randleman homeowners who are upside down on their home loan and need relief fast should turn to the expertise of Connection Realty LLC to guide them through the short sale process. Contact me today
for a free consultation.
Next, estimate your closing costs. My work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a specific team that handles short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.