Are you ready to short sell your home?
Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This situation is usually caused by prices in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What steps do I take in a short sale?
First, figure out the true market value of your property. An experienced REALTOR®, like Cossell Enterprises, Inc, will be able to give you a realistic idea of what your home would likely sell for based on a market analysis. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Bucklin homeowners who are upside down on their home loan and need results fast can rely on the expertise of Cossell Enterprises, Inc to guide them through the short sale process.
Contact me today for a free consultation.
Next, don't forget about your closing costs. My experience has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and tell them of your situation. They may even have a specific department that manages 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 how much you owe or make other arrangements. Your lender will have to give approval for the final sale.