Time to short sell your home?
Not sure what a short sale is? A short sale occurs when the value of a home is less than what is owned. This can be attributed to many causes, but 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 get the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, find out the true market value of your home. A knowledgeable real estate professional, like JG Atlanta Properties, LLC., will be able to give you a realistic idea of what your house would possibly sell for based on prior sales of similar houses in the neighborhood. 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.
Flowery Branch homeowners who are upside down on their mortgage and need results fast can rely on the expertise of JG Atlanta Properties, LLC. to guide them through the short sale process. Contact me today
for a free consultation.
Next, be sure to figure in your closing costs. My experience has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a dedicated department that oversees short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give consent for the final sale.