First, get an idea of the true market value of your property. A knowledgeable real estate professional, like those at METRO FIRST REALTY, will be able to give you a realistic idea of what your house should probably sell for based on a market analysis. Beware of 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.
Next, don’t forget about your closing costs. The qualified real estate professionals at METRO FIRST REALTY will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a particular department that handles short sales. Ask about their exact procedures. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to approve the final sale.