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Time to short sell your home?
Not sure what a short sale is? A short sale happens
when the amount of the outstanding loans are greater than the value of the home.
This could be due to many factors, 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 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.
An experienced real estate professional, like those at Cabrillo Mortgage and Realty Services, will be able to give you a good idea of what your property should likely sell for based on a market analysis. Watch out for websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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When you're ready to sell your house, Cabrillo Mortgage and Realty Services will help. Use our expertise and knowledge of the local real estate market in San Diego to sell your home quickly. Contact us today.
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Next, determine your closing costs. The qualified real estate professionals at Cabrillo Mortgage and Realty Services will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and make them aware of your situation. They may even have a specific team that deals with short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
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