Need to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than the amount of the outstanding loans. This could be due to many factors, but commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What steps do I take in a short sale?
First, determine the true market value of your property. An experienced real estate professional, like RE/MAX Performance, will be able to give you a reasonable idea of what your property will likely sell for based on a market analysis. Watch out for websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have any concerns pertaining to real estate or the process of going through a short sale in Cary, North Carolina just contact me
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Next, don't forget about your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and tell them of your situation. They may even have a particular team that oversees short sales. Ask about their exact procedures. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.