Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This may be due to many causes, but frequently is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
How to do a short sale...
First, figure out the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, an experienced local real estate agent that knows the current conditions of the Cary real estate market is the best way to get a realistic opinion of what your home could sell for.
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Next, determine your closing costs. My work in this area has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and make them aware of your situation. They may even have a dedicated department that handles short sales. Ask about their specific process. 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 give consent for the final sale.