Do you need to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is usually the result of home prices in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?
First, determine the true market value of your home. A good REALTOR®, like Betsher & Associates Realtors, Inc., will be able to give you a realistic idea of what your property will possibly sell for based on prior sales of similar houses in the neighborhood. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have any questions about real estate or what happens during a short sale in Baltimore, Maryland just contact me
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Next, calculate your closing costs. My experience has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and notify them of your situation. They may even have a special team that manages short sales. Ask about their specific steps. Some lenders will be more able 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.