Do you need to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be attributed to many reasons, but frequently 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 get the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, figure out the true market value of your home. A qualified real estate professional, like Fred Thorne Realty LLC, will be able to give you a realistic idea of what your home will possibly sell for based on prior sales of similar houses in the neighborhood. 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.
When you're ready to sell your property, Fred Thorne Realty LLC is ready. Use my experience and knowledge of the local real estate market in Sunset Beach to sell your home quickly. Contact us today
Next, find out your closing costs. My work in this area has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and notify them of the situation. They may even have a special team that handles short sales. Ask about their exact process. Some lenders will be more able 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.