Do you need to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than what is owned. This could be due to many reasons, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with 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 property. A good REALTOR®, like Coast to Coast Property Brokers, will be able to give you a realistic idea of what your home would probably 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.
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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 estimate your final costs upon closing.
Finally, call your lender and notify them of the situation. They may even have a special department that handles short sales. Ask about their specific procedures. Some lenders will be more able to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.