Time to short sell your home?

Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans are greater than the amount for which the home could sell. This could be due to many factors, 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 get the lender to forgive the difference.

What steps do I take in a short sale?

First, assess the true market value of your home. An experienced real estate professional, like those at EQUITY SAVER PLUS REALTY, will be able to give you a realistic idea of what your home should likely sell for based on a market analysis. Beware 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.

	Need an honest idea of what your home could sell for today's market? Contact us today to find out how EQUITY SAVER PLUS REALTY can help.

Next, be sure to figure in your closing costs. The experienced agents at EQUITY SAVER PLUS REALTY will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.

Finally, get in touch with your lender and tell them of your situation. They may even have a specific department 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 decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.