Time to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house is worth. This may be caused by many factors, but commonly is a result of a rapidly declining real estate market.
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.
How do I proceed with a short sale?
First, find out the true market value of your house. A qualified real estate professional, like Barbara Pearson-Sawyer, GRI, will be able to give you a realistic idea of what your property would likely sell for based on prior sales of similar houses in the neighborhood. 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.
When you're ready to sell your home, Barbara Pearson-Sawyer, GRI is ready. Use my experience and knowledge of the local real estate market in Salida to sell your home quickly. Contact us today
Next, don't forget about your closing costs. My experience has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and make them aware of your situation. They may even have a specific team that manages short sales. Ask about their exact procedures. Some lenders will be more able to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to agree to the final sale.