Ready to short sell your home?
Not sure 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 could be due to many reasons, but often 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 negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, assess the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, an experienced local REALTOR® that knows the current conditions of the Cary real estate market is a sound way to get an accurate idea of what your home could sell for.
Need an honest idea of what your home is worth in today's market?
Contact me today to find out how RE/MAX One Hundred can help.
Next, calculate your closing costs. My experience means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a dedicated department that deals with short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.