Time to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This could be attributed to many causes, but most often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, get an idea of the true market value of your property. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, an experienced local REALTOR® that knows the current conditions of the Cary real estate market is the best way to get a realistic opinion of your home's worth.
Cary homeowners who are upside down on their home loan and need results fast should turn to the expertise of RE/MAX Performance to guide them through the short sale process. Contact me today
for a free consultation.
Next, estimate your closing costs. My work in this area means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and let them know of the situation. They may even have a particular department that manages short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.