Ready to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be caused by many reasons, but frequently is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
What's involved in 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, a qualified local real estate agent that knows the current conditions of the Carthage real estate market is the best way to get a realistic estimate of what your home could sell for.
When you're ready to get started, contact me
through my site or e-mail me
. I'm glad to address questions you have regarding real estate short sales.
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 upon closing.
Finally, get in touch with your lender and let them know of your situation. They may even have a specific department that manages short sales. Ask about their specific process. Some lenders will be more willing 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 consent for the final sale.