Is it time to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than what is owned. Short sales are often the result of prices in an area rapidly declining.
Short sales could be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
How to do a short sale...
First, determine the true market value of your home. A knowledgeable REALTOR®, like Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090, will be able to give you a reasonable idea of what your property should probably sell for based on a market analysis. Be cautious 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.
Should you have any questions about real estate or the process of going through a short sale in Sherman Oaks, California simply
contact me here or
e-mail me.
Next, don't forget about your closing costs. My work in this area has taught me to consider 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 your situation. They may even have a dedicated team that oversees short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.