Is it time to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This may be due to many reasons, but often is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How do I proceed with a short sale?
First, assess the true market value of your home. A knowledgeable REALTOR®, like Karp Real Estate Team/Tribe Realty Austin, will be able to give you a realistic idea of what your home will possibly sell for based on a market analysis. Watch out for 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.
When it's time to sell your property, Karp Real Estate Team/Tribe Realty Austin is ready. Take advantage of my experience and knowledge of the local real estate market in Austin to sell your home quickly. Contact us today
Next, calculate your closing costs. My work in this area means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a particular team that oversees short sales. Ask about their exact procedures. 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 give consent for the final sale.