Ready to short sell your home?What is a short sale? A short sale is when the amount of the outstanding loans are greater than the value of the home. This may be due to many causes, but often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?First, figure out the true market value of your home. A good real estate professional, like those at Carter Realty Company, will be able to give you a good idea of what your house would probably sell for based on prior sales of similar houses in the area. Be careful 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, be sure to figure in your closing costs. The knowledgeable real estate professionals at Carter Realty Company will consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and make them aware of the situation. They may even have a dedicated department that deals with short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.