Sell Your House

One option for homeowners with equity in their home is to sell their property.   If you have accumulated equity in your property, it is much better to sell your home instead of letting it go to foreclosure.  

If you are considering selling your home you first need to determine the property’s current value.   You can have the house appraised for $300-$500, or have a real estate agent prepare a comparable market analysis.   Next, you should contact your lender to determine the current payoff on the mortgage.   If you  are behind on payments the payoff will have increased and will continue to increase with each missed payment.

Once you know how much you house is worth and how much you owe, you can determine if you can sell your house.   Remember to deduct the cost of selling your house including real estate commissions and closing costs (typically 7-10% of the sales price).  

If you can’t sell your house for a profit, a short sale is always another option to sell your house and avoid foreclosure.

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