Do you need to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This can be attributed to many causes, but most often is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What's involved in a short sale?
First, get an idea of the true market value of your property. An experienced REALTOR®, like FirstPoint Properties, will be able to give you a realistic idea of what your property will possibly sell for based on a market analysis. Watch out for websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
To get top dollar for your distressed real estate in Oklahoma City, Contact FirstPoint Properties today
for a company with the experience and knowledge to get you to the closing table quickly.
Next, estimate your closing costs. My experience means I know to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and make them aware of your situation. They may even have a specific team that oversees 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 the amount owed or make other arrangements. Your lender will have to agree to the final sale.