Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth . This situation is often the result of home prices in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, assess the true market value of your property. For those whose finances are already strained, engaging a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate agent that knows the current conditions of the Carthage real estate market is the best way to get a reliable idea of your home's value.
Carthage homeowners who are upside down on their home loan and need results fast can rely on the expertise of Charles Burt Homefolks 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 work in this area has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and let them know of the situation. They may even have a specific team that handles short sales. Ask about their specific procedures. Some lenders will be more able to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give approval for the final sale.