Ready to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than the amount of the outstanding loans. This could be attributed to many causes, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, assess the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, an experienced local real estate professional that knows the current conditions of the Las Vegas real estate market is a smart way to get a realistic idea of your home’s worth.
Next, determine your closing costs. Our experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a dedicated department that manages short sales. Ask about their particular steps. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
You can rely on CR Realty Services to provide quality answers to any questions you might have during this process.