Do you need to short sell your home?
Not sure what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . This situation is typically caused by home values in a market rapidly deflating.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, assess the true market value of your property. A knowledgeable REALTOR®, like JG Atlanta Properties, LLC., will be able to give you a good idea of what your home should 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.
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Next, calculate your closing costs. My work in this area means I know to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and let them know of your situation. They may even have a particular department that handles short sales. Ask about their particular procedures. Some lenders will be more willing 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.