Ready to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth . Short sales are usually the result of values in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, figure out the true market value of your house. For those whose finances are already stretched, hiring a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Litchfield Park real estate market is a smart way to get an accurate estimate of your home's value.
Next, find out your closing costs. My experience has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and let them know of your situation. They may even have a special department that handles short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to approve the final sale.