Do you need to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This could be due to many reasons, but commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, find out the true market value of your property. A qualified REALTOR®, like JG Atlanta Properties, LLC., will be able to give you a good 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 property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer any questions you have about real estate short sales.
Next, determine your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and let them know of the situation. They may even have a particular department that deals with short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.