Time 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 situation is usually caused by values in a market rapidly deflating.
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 difference.
What steps do I take in a short sale?
First, get an idea of the true market value of your property. An experienced real estate professional, like Blue to Green Realty, will be able to give you a realistic idea of what your property will possibly sell for based on prior sales of similar houses in the neighborhood. Beware 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.
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Next, estimate your closing costs. My experience 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, contact your lender and notify them of your situation. They may even have a specific team that deals with short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give consent for the final sale.