Do you need 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 value of the home. This may be caused by many reasons, but most commonly is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your property. A qualified real estate professional, like Charles Burt Homefolks, will be able to give you a realistic idea of what your home would probably sell for based on a market analysis. Be careful of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When it's time to sell your home, Charles Burt Homefolks will help. Take advantage of my experience and knowledge of the local real estate market in Carthage to sell your home quickly. Contact us today
Next, find out 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 calculate your final costs upon closing.
Finally, contact your lender and tell them of the situation. They may even have a specific department that oversees short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give approval for the final sale.