Is it time to short sell your home?
Don't know what a short sale is? A short sale occurs
when you owe more than what the house is worth.
This could be attributed to many causes, but frequently is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your home.
For those whose finances are already pushed to the limit, paying a licensed appraiser may not be feasible. Therefore, an experienced local real estate agent that knows the current conditions of the Austin real estate market is a smart way to get an accurate idea of what your home could sell for.
Need an honest idea of what your home today's market? Contact me today
to find out how Karp Real Estate Team/Tribe Realty Austin can help.
Next, determine your closing costs. My work in this area has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and notify them of your situation. They may even have a specific team that manages short sales. Ask about their specific procedures. Some lenders will be more able to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.