Are you ready to short sell your home?What is a short sale? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This can be caused by many reasons, but most often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How to do a short sale:First, determine the true market value of your home. A knowledgeable real estate professional, like those at Legacy Realty and Funding, will be able to give you a realistic idea of what your home would likely sell for based on a market analysis. Beware 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.
|Tustin homeowners who are upside down on their home loan and need relief fast can rely on the expertise of Legacy Realty and Funding to guide them through the short sale process. Contact me today for a free consultation.|
Next, estimate 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 tally your final costs at closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a particular team that oversees short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.