Need to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This can be caused by many reasons, but most commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale?
First, find out the true market value of your house. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local real estate professional that knows the current conditions of the Cary real estate market is a sound way to get a realistic estimate of your home's worth.
When you're ready to get started,
contact me through my site or
e-mail me. I'm happy to answer questions you have regarding real estate short sales.
Next, calculate your closing costs. My experience has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and notify them of the situation. They may even have a dedicated team that handles short sales. Ask about their exact process. Some lenders will be more able 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.