Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This situation is usually the result of values in a market rapidly deflating.
Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, find out the true market value of your property. If your finances are already stretched, paying 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 the best way to get an accurate idea of what your home could sell for.
Next, be sure to figure in 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 calculate your final costs at the closing table.
Finally, call your lender and make them aware of the situation. They may even have a dedicated team that oversees short sales. Ask about their particular steps. 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 approve the final sale.
Looking to Sell?
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