Ready to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than what is owned. This could be caused by many factors, but most often is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Sunset Beach real estate market is a sound way to get a realistic opinion of your home's value.
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to find out how Fred Thorne Realty LLC can help.
Next, find out your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate 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 deals with short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.