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Are you ready to short sell your home? What is a short sale? A short sale happens when you owe more than what the house will possibly fetch in the open market. This may be attributed to many causes, but commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What's involved in a short sale?First, assess the true market value of your house. An experienced real estate professional, like Doris Palmer Luttrell, will be able to give you a reasonable idea of what your home should likely sell for based on a market analysis. As a Certified Distressed Property Expert, Doris has the education and expertise to work through the process with your lender - from value to pricing to final contract. 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.
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Need real estate advice? Contact us today to find out how Doris Palmer Luttrell - Huff Realty can help. |
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Next, determine your closing costs. As a Certified Distressed Property Expert, Doris Palmer Luttrell will take into account fees such as 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 make them aware of the situation. They may even have a dedicated team that manages short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give consent for the final sale. Count on Doris' expertise to work with you through a success conclusion.
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Doris Palmer Luttrell 7454-C Beechmont Avenue Cincinnati, OH 45255
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