Do you need to short sell your home?
Don't know what a short sale is? A short sale occurs when you owe more than what the house is worth . This situation is often caused by home values in a market rapidly declining.
Short sales may be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, assess the true market value of your home. A knowledgeable real estate professional, like Coldwell Banker High Country Realty, 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 neighborhood. 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.
Need real estate advice? Contact me today
to find out how Coldwell Banker High Country Realty can help.
Next, be sure to figure in your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and tell them of your situation. They may even have a specific team that handles short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.