Are you ready to short sell your home?
What is a short sale? A short sale happens
when you owe more than what the house will possibly sell for.
This may be due to many causes, but commonly 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 negotiate with the lender to forgive the difference.
How do I proceed with a short sale?
First, determine the true market value of your home.
A good real estate professional, like Homes By Cheryl, will be able to give you a reasonable idea of what your property will probably sell for based on prior sales of similar houses in the neighborhood. 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.
Should you have concerns pertaining to real estate or the process of going through a short sale in Plainfield, Indiana just contact me
here or e-mail me
Next, estimate your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and make them aware of your situation. They may even have a special team that deals with short sales. Ask about their exact 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 approve the final sale.