Do you need to short sell your home?
What is a short sale? A short sale is when you owe more than what the house will possibly fetch in the open market . This can be caused by many causes, but most commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale?
First, figure out the true market value of your house. A qualified real estate professional, like Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090, will be able to give you a reasonable idea of what your home should probably sell for based on a market analysis. Be careful 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.
When it's time to sell your home, Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 is ready. Take advantage of my experience and knowledge of the local real estate market in Sherman Oaks to sell your home quickly. Contact us today
Next, find out your closing costs. My work in this area means I know to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and let them know of the situation. They may even have a special department that handles short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
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