Time to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be attributed to many causes, but commonly 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.
What steps do I take in a short sale?
First, determine the true market value of your property. For those whose finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, a knowledgeable 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 work in this area means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and let them know of the situation. They may even have a particular department that oversees short sales. Ask about their specific 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 approve the final sale.