Time to short sell your home?What is a short sale? A short sale happens when the value of a home is less than what is owned. Short sales are typically caused by prices in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How do I proceed with a short sale?First, determine the true market value of your house. A knowledgeable REALTOR®, like those at Fidelity Realty Group, will be able to give you a good idea of what your property will possibly sell for based on prior sales of similar houses in the area. Be careful of websites where a computer estimates your home'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, determine your closing costs. The knowledgeable agents at Fidelity Realty Group will 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, get in touch with your lender and notify them of the situation. They may even have a special team that manages short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give consent for the final sale.