Are you ready to short sell your home?
What is a short sale? A short sale is when you owe more than what the house is worth . This can be attributed to many factors, but frequently is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your home. An experienced REALTOR®, like Cossell Enterprises, Inc, will be able to give you a reasonable idea of what your property should 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.
If you have concerns about real estate or the process of going through a short sale in Bucklin, Kansas simply contact me
here or e-mail me
Next, determine your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and tell them of the situation. They may even have a special team that deals with short sales. Ask about their exact procedures. Some lenders will be more inclined 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.