Time to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than what is owned. This situation is often caused by values in an area rapidly declining.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, assess the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local REALTOR® that knows the current conditions of the Cary real estate market is a sound way to get an accurate estimate of what your home could sell for.
Next, determine your closing costs. My experience has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and notify them of the situation. They may even have a particular department that handles short sales. Ask about their particular procedures. 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 approval for the final sale.