Ready to short sell your home?
Don't know what a short sale is? A short sale occurs when you owe more than what the house will possibly fetch in the open market . This can be attributed to many reasons, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
The process of a short sale...
First, figure out the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, a qualified local real estate professional that knows the current conditions of the Cary real estate market is the best way to get a reliable idea of your home's worth.
Next, don't forget about your closing costs. My work in this area has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and notify them of the situation. They may even have a dedicated department that manages short sales. Ask about their particular steps. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.