Ready to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth . This can be caused by many factors, but most commonly 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.
The process of a short sale...
First, find out the true market value of your house. A good real estate professional, like Fred Thorne Realty LLC, will be able to give you a realistic idea of what your property will likely sell for based on prior sales of similar houses in the area. 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 the time comes to sell your house, Fred Thorne Realty LLC can help. Take advantage of my experience and knowledge of the local real estate market in Sunset Beach to sell your home quickly. Contact us today
Next, don't forget about your closing costs. My work in this area has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and make them aware of the situation. They may even have a particular team that manages short sales. Ask about their particular process. 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.