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Do you need to short sell your home?
Not sure what a short sale is? A short sale occurs
when you owe more than what the house will possibly sell for.
Short sales are typically the result of home prices in an area rapidly declining.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to forgive the difference.
What's involved in a short sale?
First, get an idea of the true market value of your property.
An experienced real estate professional, like those at Don Thomas Realty Group, will be able to give you a realistic idea of what your home would likely sell for based on prior sales of similar houses in the area. Be cautious 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.
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Need an honest idea of what your home today's market? Contact us today to find out how Don Thomas Realty Group can help.
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Next, calculate your closing costs. The qualified REALTORS® at Don Thomas Realty Group will take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and let them know of your situation. They may even have a specific department that handles short sales. Ask about their particular process. 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 approve the final sale.
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