Need to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is usually the result of home values in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, figure out the true market value of your home. Since hiring 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 the best way to get a reliable idea of your home's value.
Next, don't forget about your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and tell them of the situation. They may even have a special team that manages short sales. Ask about their particular procedures. Some lenders will be more inclined 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.