Is it time to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth . This may be attributed to many factors, but most commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, find out the true market value of your property. A knowledgeable real estate professional, like Go! Real Estate, Inc., will be able to give you a good idea of what your property will probably sell for based on prior sales of similar houses in the neighborhood. Beware 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.
When it's time to sell your house, Go! Real Estate, Inc. can help. Use my experience and knowledge of the local real estate market in Bronx to sell your home quickly. Contact us today
Next, don't forget about your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a particular team that manages short sales. Ask about their specific steps. 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.