Ready to short sell your home?What is a short sale? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be attributed to many reasons, but commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?First, get an idea of the true market value of your home. A knowledgeable real estate professional, like those at LARRY BARTOW - Keller Williams Realty, will be able to give you a reasonable idea of what your house should possibly sell for based on a market analysis. Watch out for 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.
|When you're ready to sell your house, LARRY BARTOW - Keller Williams Realty will help. Use my expertise and knowledge of the local real estate market in Brandon to sell your home quickly. Contact us today.|
Next, be sure to figure in your closing costs. My work in this area has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and notify them of your situation. They may even have a dedicated team that oversees short sales. Ask about their specific steps. Some lenders will be more inclined 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 approval for the final sale.