Are you ready to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than what is owned. This can be due to many causes, but often is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
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, paying a licensed appraiser may not be an option. Therefore, a qualified local REALTOR® that knows the current conditions of the Cary real estate market is a smart way to get a reliable estimate of your home's worth.
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Contact me today to find out how RE/MAX Performance can help.
Next, find out your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and make them aware of your situation. They may even have a specific team that manages short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.