Are you ready to short sell your home?
What is a short sale? A short sale is
when the value of a home is less than what is owned.
This may be due to many reasons, but 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 negotiate with the lender to write off the difference.
How do I proceed with a short sale?
First, get an idea of the true market value of your house.
A knowledgeable REALTOR®, like MOVE Utah Real Estate, will be able to give you a realistic idea of what your home would probably sell for based on a market analysis. Be cautious of 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.
When it's time to sell your property, MOVE Utah Real Estate is ready. Take advantage of our experience and knowledge of the local real estate market in Utah to sell your home quickly. Contact us today
Next, determine your closing costs. Our work in this area means we know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and tell them of your situation. They may even have a special team that oversees short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.