Time to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. Short sales are often the result of 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.
What's involved in a short sale?
First, get an idea of the true market value of your home. A good REALTOR®, like RE/MAX One Hundred, will be able to give you a realistic idea of what your house will possibly sell for based on prior sales of similar houses in the neighborhood. Watch out for websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Cary homeowners who are upside down on their home loan and need results fast can rely on the expertise of RE/MAX One Hundred to guide them through the short sale process.
Contact me today for a free consultation.
Next, be sure to figure in your closing costs. My experience has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and let them know of the situation. They may even have a dedicated department that deals with short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.