Time to short sell your home?
What is a short sale? A short sale is when you owe more than what the house will possibly fetch in the open market . This may be caused by many causes, 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 negotiate with the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market value of your home. An experienced REALTOR®, like Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090, will be able to give you a good idea of what your house will likely sell for based on prior sales of similar houses in the area. Watch out for 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.
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, estimate your closing costs. My work in this area has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and make them aware of your situation. They may even have a special department that oversees short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.
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