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Need to short sell your home? Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans are greater than the value of the home. This could be caused by many causes, but most often is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?First, find out the true market value of your home. A qualified REALTOR®, like those at HUD512, will be able to give you a realistic idea of what your home will likely sell for based on a market analysis. 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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To get top dollar for your distressed real estate in AUSTIN, it takes the level of know-how and experience we posses to get to the closing table quickly. Contact HUD512 today. |
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Next, calculate your closing costs. The experienced real estate agents at HUD512 will account for 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 tell them of your situation. They may even have a special 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 lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.
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