Ready to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than what is owned. This situation is typically the result of values in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What's involved in a short sale?
First, find out the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the National City real estate market is a smart way to get an accurate estimate 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 happy to address any questions you have regarding real estate short sales.
Next, estimate 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 tally your final costs at closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a specific department that manages short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to approve the final sale.