Need to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than the amount of the outstanding loans. This situation is usually caused by home prices in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, find out the true market value of your property. For those whose finances are already pushed to the limit, engaging a licensed appraiser may not be an option. Therefore, an experienced local real estate agent that knows the current conditions of the North Kingstown real estate market is the best way to get a reliable opinion of your home's value.
When you're ready to get started, contact me
through my site or e-mail me
. I'm glad to address questions you have about real estate short sales.
Next, don't forget about your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and notify them of the situation. They may even have a special team that oversees short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to agree to the final sale.