Need 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 caused by home values in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What's involved in a short sale?
First, determine the true market value of your house. A qualified real estate professional, like RE/MAX One Hundred, will be able to give you a reasonable idea of what your home would possibly sell for based on a market analysis. 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.
If you have any questions regarding real estate or what happens during a short sale in Cary, North Carolina just
contact me here or
e-mail me.
Next, don't forget about your closing costs. My work in this area means I know to account for fees like 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 your situation. They may even have a particular team that deals with short sales. Ask about their exact 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 agree to the final sale.