Is it time 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 amount for which the home could sell. Short sales are often the result of home prices in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?
First, find out the true market value of your property. If your finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, a qualified local real estate agent that knows the current conditions of the Cary real estate market is a sound way to get a realistic idea of what your home could sell for.
Should you have questions pertaining to real estate or what happens during a short sale in Cary, North Carolina simply
contact me here or
e-mail me.
Next, calculate your closing costs. My work in this area has taught me to consider 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 make them aware of your situation. They may even have a particular department that manages short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.