Are you ready to short sell your home?
Not sure what a short sale is? A short sale happens
when the value of a home is less than what is owned.
This could be attributed to many causes, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, assess the true market value of your property.
For those whose finances are already stretched, engaging a licensed appraiser may not be feasible. Therefore, a qualified local REALTOR® that knows the current conditions of the Mission Viejo real estate market is a smart way to get an accurate estimate of what your home could sell for.
When you're ready to get started, contact us
through our site or e-mail me
. We're happy to answer questions you have about real estate short sales.
Next, calculate your closing costs. Our work in this area means we know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and notify them of the situation. They may even have a particular team that handles short sales. Ask about their exact steps. Some lenders will be more able 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 agree to the final sale.