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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 can be due to many factors, but most often is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
The process of a short sale:
First, find out the true market value of your home.
A qualified REALTOR®, like those at Stonebridge Realty Group, will be able to give you a good idea of what your house will likely sell for based on a market analysis. Be cautious 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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Need an honest idea of what your home could sell for today's market? Contact us today to find out how Stonebridge Realty Group can help.
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Next, don't forget about your closing costs. The experienced REALTORS® at Stonebridge Realty Group will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and let them know of your situation. They may even have a dedicated department that oversees short sales. Ask about their particular steps. 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 agree to the final sale.
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