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Ready to short sell your home?
Don't know what a short sale is? A short sale occurs
when the amount of the outstanding loans are greater than the value of the home.
Short sales are typically caused by values in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
The process of a short sale:
First, find out the true market value of your home.
A good REALTOR®, like those at Trishmark Real Estate, will be able to give you a reasonable idea of what your house will probably sell for based on prior sales of similar houses in the neighborhood. Beware of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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Need an honest idea of what your home could sell for today's market? Contact us today to find out how Trishmark Real Estate can help.
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Next, determine your closing costs. The experienced real estate professionals at Trishmark Real Estate will take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and notify them of the situation. They may even have a specific department that deals with short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.
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