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Do you need to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than what is owned. Short sales are usually the result of prices in an area rapidly declining.
Short sales may be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, get an idea of the true market value of your house. If your finances are already strained, engaging a licensed appraiser may not be feasible. Therefore, an experienced local real estate agent that knows the current conditions of the Sherman Oaks real estate market is a smart way to get a reliable estimate of your home's value.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to address questions you have about real estate short sales.
Next, find out your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, get in touch with your lender and make them aware of your situation. They may even have a dedicated department that oversees short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to agree to the final sale.