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 can be caused by many factors, but most often is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive 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 property. A qualified REALTOR®, like those at Schwarzbach Associates, Inc., will be able to give you a reasonable idea of what your property should probably sell for based on a market analysis. 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.
|Boulder Creek homeowners who are upside down on their home loan and need relief fast can rely on the expertise of Schwarzbach Associates, Inc. to guide them through the short sale process. Contact us today for a free consultation.|
Next, estimate your closing costs. The knowledgeable REALTORS® at Schwarzbach Associates, Inc. will account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and notify them of the situation. They may even have a particular department that manages short sales. Ask about their specific steps. 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.