Time to short sell your home?
What is a short sale? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are often the result of home values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How to do a short sale...
First, assess the true market value of your house. Since paying for a licensed appraiser may not fit your already tight budget, an experienced local real estate professional that knows the current conditions of the Cary real estate market is a sound way to get an accurate idea of your home's value.
When it's time to sell your property, RE/MAX Performance can help. Use my expertise and knowledge of the local real estate market in Cary to sell your home quickly. Contact us today
Next, don't forget about your closing costs. My work in this area means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and make them aware of your situation. They may even have a specific team that deals with short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give consent for the final sale.