Do you need to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than what is owned. This can be attributed to many causes, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale?
First, assess the true market value of your property. A good REALTOR®, like All Seasons Realty, will be able to give you a good idea of what your home should 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.
When it's time to sell your house, All Seasons Realty is ready. Use my experience and knowledge of the local real estate market in Davenport to sell your home quickly. Contact us today
Next, calculate your closing costs. My work in this area has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and make them aware of the situation. They may even have a specific department that manages short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.