|
|
|
|
Time to short sell your home? Don't know what a short sale is? A short sale occurs when the value of a home is less than what is owned. This situation is usually caused by home values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What's involved in a short sale?First, assess the true market value of your house. A qualified REALTOR®, like those at Randy and Ronnie Winks - Exit Realty The Tracey Group, will be able to give you a reasonable idea of what your house will possibly 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.
 |
 |
 |
Need real estate advice? Contact us today to find out how Randy and Ronnie Winks - Exit Realty The Tracey Group can help. |
|
|
|
 |
Next, be sure to figure in your closing costs. The experienced REALTORS® at Randy and Ronnie Winks - Exit Realty The Tracey Group will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and tell them of the situation. They may even have a particular department that handles short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.
|
|
|
|
