Need to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. Short sales are often the result of prices in an area rapidly declining.
Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
First, assess the true market value of your home. If your finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Fruitland real estate market is the best way to get a realistic estimate of what your home could sell for.
If you have questions regarding real estate or what happens during a short sale in Fruitland, Idaho just contact us.
Next, don't forget about your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and let them know of the situation. They may even have a special team that handles short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to approve the final sale.
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