Thinking of selling your home?
Request a seller payoff from your lender.
I am surprised at the number of seller's that do not request a payoff statement prior to listing their home for sale. This can make financial decisions much easier, especially when you are considering selling your home when there is little equity.
Many seller's will look at their monthly statement (principal balance) to determine how much they owe. Many of the recent loans may have a very high prepayment penalties, thus making the net proceeds available to the seller thousands lower.
We have personally represented buyers who have entered into a contract with a seller to find that the seller would even have to come up with additional funds to close that they did not have.
It is possible to sell your home for less than what is owed, and not have to pay the difference.
This is known as a "Short Sale". It has become more common with the amount of foreclosures comming on the real estate market.
However, you and your agent need to know if you may be in a short sale position before you list your home. The lender will require you and your agent to provide additional documentation and information before allowing you to be released from any additional liability after the sale.
A short sale can be very beneficial to a seller who may be facing possible foreclosure and may not be able to get enough to pay off their current mortgage.
While it is true that your credit may be damaged temporarily, the impact of a short sale on your credit is far less than that of a foreclosure and our credit score can jump back up alot sooner after a short sale than it would if you went thru the foreclosure process.
If you are interested in seeing area market statitics, real estate and home prices for our area (including: Everett, Marysville, Arlington, Stanwood, Granite Falls, Lake Stevens, Monroe, Snohomish and nearby areas), or information on homes for sale, please visit our website at: www.barbsbestbuys.com
Our website allows you access to ALL homes listed for sale by every company (updated hourly). You can even recieve emails of new listings that match your needs when they are placed on the market. This feature allows our clients to be among the first to see those "Good Deals" in real estate that won't last long.
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