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 can be due to many factors, but most often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
How to do a short sale...
First, figure out the true market value of your property. An experienced REALTOR®, like Rose & Womble Realty, will be able to give you a realistic idea of what your home should 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.
Virginia Beach homeowners who are upside down on their home loan and need results fast can rely on the expertise of Rose & Womble Realty to guide them through the short sale process. Contact me today
for a free consultation.
Next, calculate your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and notify them of your situation. They may even have a dedicated department that deals with short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to approve the final sale.
Looking to Sell?
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