Time to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house is worth . Short sales are typically caused by prices in a market rapidly declining.
Short sales may be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, determine the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, a qualified local real estate agent that knows the current conditions of the Sherman Oaks real estate market is a sound way to get an accurate estimate of what your home could sell for.
Should you have any concerns pertaining to real estate or the process of going through a short sale in Sherman Oaks, California just
contact me here or
e-mail me.
Next, calculate your closing costs. My experience means I know to 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 special team that manages short sales. Ask about their exact process. 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 agree to the final sale.