Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house will possibly sell for . This may be due to many causes, but often is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, determine the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, a qualified local REALTOR® that knows the current conditions of the Cary real estate market is a sound way to get a reliable estimate of your home's value.
If you have concerns regarding real estate or what happens during a short sale in Cary, North Carolina you can
contact me here or
e-mail me.
Next, calculate your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and let them know of your situation. They may even have a particular team that manages short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.