Do you need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. This can be attributed to many reasons, but frequently is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
The process of a short sale...
First, figure out the true market value of your property. If your finances are already pushed to the limit, hiring a licensed appraiser may not be an option. Therefore, an experienced local real estate professional that knows the current conditions of the Cary real estate market is a sound way to get a realistic opinion of what your home could sell for.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to address any questions you have regarding real estate short sales.
Next, determine your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
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 exact steps. Some lenders will be more able to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.