Need to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than the amount of the outstanding loans. Short sales are typically caused by prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to forgive the difference.
How do I proceed with a short sale?
First, figure out the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local real estate professional that knows the current conditions of the Ellenton real estate market is a smart way to get a realistic idea of what your home could sell for.
When you're ready to get started, contact me
through my site or e-mail me
. I'm glad to answer questions you have regarding real estate short sales.
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, contact your lender and let them know of the situation. They may even have a particular 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 decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.