Need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. Short sales are usually the result of prices in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, figure out the true market value of your property. A knowledgeable REALTOR®, like RE/MAX Performance, will be able to give you a reasonable idea of what your house will probably sell for based on a market analysis. Beware 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.
If you have concerns regarding real estate or what happens during a short sale in Cary, North Carolina you can contact me
here or e-mail me
Next, calculate your closing costs. My experience has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a dedicated department that oversees short sales. Ask about their exact steps. Some lenders will be more inclined 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 approval for the final sale.