If you are facing foreclosure on your home, you might owe more on the mortgage than the home's market value. You might consider offering a lesser amount than the total mortgage to the bank in exchange for the property. This is known as a short sale. Before you offer a short sale to the mortgage company, you will want to factor in how much the property might receive in a foreclosure sale.
Instructions
- 1
Estimate how much the property is worth at present market value. Research how much similar homes in the area have recently sold for. Estimate how much it will cost to repair any damage to the home as that will lower its value. For the best possible estimate, have the property professionally appraised.
2Research how much lower than market value foreclosed properties sell for in the area. Foreclosed homes often sell for less than market value. Local Realtors may have this information.
3Estimate how much it will cost the bank to sell the home. Selling any home usually requires appraisal fees, closing costs and other expenses. Research the usual costs in your area. Again, a Realtor can assist you with this information.
4Subtract the foreclosure discount in the area from the property's market value, then add in the fees to the sale of the home. The result is an estimate of the value of the property with a possible foreclosure sale factored in.
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