Time to short sell your home?Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth. This may be due to many factors, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What steps do I take in a short sale?First, find out the true market value of your home. A knowledgeable REALTOR®, like those at Boyd Real Estate, will be able to give you a reasonable idea of what your property should likely sell for based on a market analysis. Beware of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
|Need an honest idea of what your home could sell for today's market? Contact me today to find out how Boyd Real Estate can help.|
Next, determine your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a dedicated team that oversees short sales. Ask about their exact process. 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.