Is it time to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house is worth . This situation is often the result of home values in an area rapidly declining.
Short sales may 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, determine the true market value of your property. For those whose finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the North Kingstown real estate market is the best way to get a realistic estimate of what your home could sell for.
Need an honest idea of what your home could sell for today's market? Contact me today
to find out how Greater R.I. Properties, LLC can help.
Next, find out your closing costs. My experience has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a special team that deals with short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.