Are you ready to short sell your home?
Not sure what a short sale is? A short sale happens when you owe more than what the house is worth . This may be due to many causes, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the difference.
The process of a short sale...
First, find out the true market value of your home. If your finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the Alexandria real estate market is a smart way to get a realistic idea of what your home could sell for.
Next, be sure to figure in your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a dedicated team that oversees short sales. Ask about their specific process. Some lenders will be more inclined 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.