Ready to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house is worth . This may be due to many reasons, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
How to do a short sale...
First, figure out the true market value of your home. A qualified REALTOR®, like Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090, will be able to give you a realistic idea of what your home will probably sell for based on prior sales of similar houses in the neighborhood. Be cautious of 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.
Should you have any questions pertaining to real estate or the process of going through a short sale in Sherman Oaks, California simply contact me
here or e-mail me
Next, estimate your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and tell them of your situation. They may even have a particular department that deals with short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give consent for the final sale.
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