Is it time to short sell your home?
Not sure what a short sale is? A short sale happens when you owe more than what the house is worth . This could be attributed to many reasons, but most commonly is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your property. A good REALTOR®, like New Way Realty, will be able to give you a realistic idea of what your home would possibly sell for based on prior sales of similar houses in the area. Be cautious of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
To get top dollar for your distressed real estate in Concord, Contact New Way Realty today
for a company with the experience and knowledge to get you to the closing table quickly.
Next, don't forget about your closing costs. My experience has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and let them know of your situation. They may even have a dedicated department that manages short sales. Ask about their specific procedures. Some lenders will be more able 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 give consent for the final sale.