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Is it time to short sell your home? Not sure what a short sale is? A short sale happens when the amount of the outstanding loans are greater than the amount for which the home could sell. This could be caused by many causes, but most commonly is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?First, find out the true market value of your property. A knowledgeable REALTOR®, like those at Philip Winburn / Rosenblum Realty Inc., 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 home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
 |  |  | Need an honest idea of what your home today's market? Contact us today to find out how Philip Winburn / Rosenblum Realty Inc. can help. | | | |  |
Next, don't forget about your closing costs. The knowledgeable REALTORS® at Philip Winburn / Rosenblum Realty Inc. will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and make them aware of your situation. They may even have a particular department 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 reduce how much you owe or make other arrangements. Your lender will have to approve the final sale.
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