Do you need to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than what is owned. Short sales are often the result of values in an area rapidly declining.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How to do a short sale...
First, determine the true market value of your property. Since paying for a licensed appraiser may not work with your already tight budget, a qualified local real estate agent that knows the current conditions of the Cary real estate market is the best way to get an accurate idea of what your home could sell for.
Cary homeowners who are upside down on their home loan and need relief 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, don't forget about your closing costs. My experience has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and let them know of the situation. They may even have a dedicated department that manages short sales. Ask about their specific procedures. 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 agree to the final sale.