Ready to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than what is owned. This could be due to many causes, but commonly is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
The process of a short sale...
First, determine the true market value of your house. A qualified real estate professional, like Kiva Realty, will be able to give you a good idea of what your house should probably sell for based on prior sales of similar houses in the area. Be cautious of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, find out your closing costs. Our experience has taught us to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and let them know of the situation. They may even have a specific team that manages 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 your loan principal or make other arrangements. Your lender will have to approve the final sale.
Portales and Clovis homeowners who are upside down on their mortgage and need results fast should turn to the expertise of Kiva Realty to guide them through the short sale process. Contact us today
for a free consultation.