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 commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert 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, assess the true market value of your house. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate professional that knows the current conditions of the Sunset Beach real estate market is a smart way to get a realistic idea of your home's worth.
Need an honest idea of what your home's value today's market? Contact me today
to find out how Fred Thorne Realty LLC can help.
Next, estimate your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and let them know of your situation. They may even have a dedicated team that deals with short sales. Ask about their specific steps. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.