Is it time to short sell your home?Not sure what a short sale is? A short sale is when the value of a home is less than what is owned. This can be caused by many factors, but commonly is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?First, figure out the true market value of your house. An experienced REALTOR®, like those at GLOBAL SERVICES REALTY LLC. GLOBAL SOLUTION & SERVICES LLC, will be able to give you a reasonable idea of what your property will likely sell for based on a market analysis. Be cautious 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.
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Next, calculate your closing costs. My experience means I know to account for 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 tell them of your situation. They may even have a special team that handles short sales. Ask about their specific steps. Some lenders will be more inclined 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 agree to the final sale.