Is it time to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are typically caused by values in an area rapidly deflating.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, determine the true market value of your property. A qualified real estate professional, like Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090, will be able to give you a reasonable idea of what your house would probably 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.
When it's time to sell your home, Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 will help. Take advantage of my experience and knowledge of the local real estate market in Sherman Oaks to sell your home quickly. Contact us today
Next, determine your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and let them know of the situation. They may even have a particular department that handles short sales. Ask about their specific 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 approve the final sale.
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