Is it Time to Short Sell Your Home?
Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the value of the home. This situation is typically the result of home prices in an area rapidly declining.
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.
How do I proceed with a short sale?
First, figure out the true market value of your house. A knowledgeable REALTOR®, like Charles Burt Homefolks, will be able to give you a good idea of what your property will possibly sell for based on a market analysis. Beware of websites where a computer estimates your house’s market value since they may not have complete information or know important things like neighborhood trends and current listings.
Should you have any questions regarding real estate or what happens during a short sale in Carthage, Missouri just contact me here or e-mail me.
Next, determine your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and make them aware of your situation. They may even have a dedicated team that manages short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.
Questions? We’d love to help.