Do you need to short sell your home?
What is a short sale? A short sale is when you owe more than what the house will possibly sell for . This situation is often the result of values in an area rapidly deflating.
Short sales may be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your home. If your finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the Litchfield Park real estate market is a smart way to get an accurate opinion of your home's worth.
Next, estimate your closing costs. My work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and let them know of the situation. They may even have a specific department that deals with short sales. Ask about their exact 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.