Need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. This could be attributed to many factors, but frequently is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your property. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Cary real estate market is a smart way to get a reliable idea of your home's value.
Next, calculate your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a special department that manages short sales. Ask about their exact procedures. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.