Short Sale Seller
Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth. This situation is usually the result of home values in an area rapidly declining. Short sales can be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your home. An experienced REALTOR®, like those at Castle and Home Realtors, will be able to give you a reasonable idea of what your property will possibly sell for based on prior sales of similar houses in the neighborhood. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
To get top dollar for your distressed real estate in Pasadena, it takes the level
Next, be sure to figure in your closing costs. My work in this area means I know to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a dedicated team that oversees short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to approve the final sale.
Short Sale Buyer
Ready to make a deal on a short sale?
Are short sales bargains?
The short answer is "sometimes". Most people hear the term "short sale" and automatically think of a seller that is in default and needing to sell their home quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the "bargain" price may in fact be consistent with current market values instead of below.
Are you ready to buy a short sale property?
When it's time to buy, whether it is a short sale or a typical home sale, Castle and Home Realtors can help. Use my experience and knowledge of real estate to be confident you're getting a fair deal and remain protected during the entire purchase transaction.
If a homeowner owes more on their house than its value, it's becoming increasingly
common for the lender to agree to a short sale, whereby the lender agrees to release
the mortgage for an amount less than what's owed. If you have any questions about
real estate in Pasadena, California, contact us here or e-