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 could be due to many factors, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How do I proceed with a short sale?
First, assess the true market value of your house. A good real estate professional, like Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090, will be able to give you a good idea of what your property would possibly sell for based on prior sales of similar houses in the neighborhood. Watch out for websites where a computer estimates your home'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 get started, contact me
through my site or e-mail me
. I'm glad to address any questions you have about real estate short sales.
Next, find out your closing costs. My experience has taught me to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and make them aware of the situation. They may even have a particular team that oversees short sales. Ask about their specific 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 give approval for the final sale.
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