|  Need to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth. This can be attributed to many causes, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What steps do I take in a short sale?First, get an idea of the true market value of your home. As an experienced REALTOR®, I will be able to give you a good idea of what your home should probably 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.
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| Should you have any concerns about real estate or what happens during a short sale in the South Bay, California, contact or email me. | | |
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Next, don't forget about your closing costs. Being an experienced agent I will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and tell them of the situation. They may even have a special department that handles short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale. |