Is it time to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than what is owned. This may be due to many factors, but frequently is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What steps do I take in a short sale?
First, determine the true market value of your house. Since paying for a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Sherman Oaks real estate market is the best way to get a realistic idea of what your home could sell for.
Sherman Oaks homeowners who are upside down on their mortgage and need results fast should turn to the expertise of Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to guide them through the short sale process.
Contact me today for a free consultation.
Next, calculate your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and tell them of the situation. They may even have a particular team that handles short sales. Ask about their exact procedures. Some lenders will be more inclined 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.