Ready to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than what is owned. This may be caused by many causes, but frequently is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your home. A qualified real estate professional, like BluRobin Global Realty Group Across Atlanta, will be able to give you a realistic idea of what your home would probably sell for based on a market analysis. Be careful of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Need an honest idea of what your home is worth in today's market? Contact me today
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Next, find out your closing costs. My experience has taught me to consider fees like 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 the situation. They may even have a particular department that oversees short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to agree to the final sale.