“I HAVE TO SELL, WHAT ARE MY OPTIONS?"

Not everyone has the luxury of waiting to sell their home in this market. Life can throw curve balls at inopportune times and having to sell a house right now could pose some difficult decisions. If you owe less than the market value of your house, you can sell and move on. You may not realize the same profit you might have 2 or 3 years ago, but you can sell.

The typical way people find the current value of their house is to obtain a Comparative Market Analysis (CMA) from a full time real estate professional. The real estate professional will compare the basic qualities of your home to similar homes that have sold within the last 6 months. You will want to price your home at or near the lowest priced homes that have sold and you will want your home to be in the best condition possible. You will want to do everything you can to ensure your house is one of them by pricing your home competitively.

Suppose you find out your house is worth less than what you owe on your mortgage. You still have to move, that fact hasn't changed. You have a few choices. Sell your home at market value and pay the difference between the sale price and the balance due on your mortgage, change your plans and find a way to stay in your home, rent it, or as a last resort, sell it as a "short sale".

A short sale is when the homeowner sells their home for less than they owe on their loan and the lender accepts the amount as payment in full. You don't have to be behind in your mortgage payments, but you must be financially insolvent, must be able to demonstrate a hardship and must be cooperative. It will also have a negative impact on your credit score. Most of the time, you will have to list your house for sale and demonstrate that the market value is less than the balance due. This requires hiring a Realtor® who will list your house on the multiple listing service and hiring an attorney experienced in dealing with short sales. Once an offer is submitted to the bank for approval, it could take anywhere from 30 to 120 days for approval. Once approved, the closing can happen within days to a couple of weeks.

Your need to sell will dictate what course you will have to take to get your home sold. Being informed and realistic will help the transition, especially if the need to move is out of your hands. Using the services of experienced professionals can help ensure a positive result.

Suzanne Stevens

Just Listed! Just Sold! Just Suzanne!

www.suzannestevens.com