Is it time to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth . This can be due to many causes, but frequently is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to avert foreclosure and pay off 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 good REALTOR®, like Jack Gaughen Network Services Hower & Associates, will be able to give you a good idea of what your house should possibly sell for based on prior sales of similar houses in the area. Beware of 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.
If you have questions pertaining to real estate or the process of going through a short sale in Mifflintown, Pennsylvania simply contact me
here or e-mail me
Next, estimate your closing costs. My experience has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and make them aware of your situation. They may even have a special team that deals with short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.