Do you need 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 value of the home. This situation is usually caused by values in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How to do a short sale...
First, assess the true market value of your property. A knowledgeable real estate professional, like RE/MAX Performance, will be able to give you a reasonable idea of what your house would possibly sell for based on prior sales of similar houses in the neighborhood. Beware of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When you're ready to sell your home, RE/MAX Performance can help. Use my experience and knowledge of the local real estate market in Cary to sell your home quickly. Contact us today
Next, estimate your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and tell them of your situation. They may even have a specific team that handles short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.