Ready to short sell your home?
Not sure what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . This situation is usually the result of home prices in an area rapidly declining.
Short sales could be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your property. If your finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, a qualified local REALTOR® that knows the current conditions of the Milpitas real estate market is a sound way to get a realistic opinion of what your home could sell for.
Next, don't forget about your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and make them aware of your situation. They may even have a particular team that deals with short sales. Ask about their specific process. Some lenders will be more able 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 approve the final sale.