Choosing to list your home for sale has been one of the most chosen options our clients use as they face the realities of foreclosure. The big question that comes to play is if there’s enough equity in the house. Equity is the difference of what the house could sell for in the open market versus what is owed on the mortgage. Keep in mind that you’ll need to know the final payoff, which includes all the legal fees and late fees that are assessed by the mortgage company.

So what if I don’t have enough equity on the house?

The quick answer, you’ll have to do a short-sale. In a short-sale, the mortgage company will have to ultimately take a loss on the sale of the home. The lender will need to determine what that figure is and that is where we come into play. We will negotiate with the lender and provide comparables of similar houses that have sold in the region.

There is also another solution in case there is not enough equity but that’s for a different blog! Stay tuned!