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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 are greater than the value of the home. This can be caused by many reasons, but commonly is a result of a rapidly declining housing 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, figure out the true market value of your property. A knowledgeable real estate professional, like those at Remax Hometown, will be able to give you a good idea of what your property should likely sell for based on prior sales of similar houses in the neighborhood. Watch out for 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.
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If you have any concerns about real estate or what happens during a short sale in San Diego, California simply contact me here or e-mail me. |
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Next, estimate your closing costs. The experienced agents at Remax Hometown will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a specific team that oversees short sales. Ask about their particular procedures. 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 consent for the final sale.
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