Do you need to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house is worth . This could be due to many factors, but most 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 difference.
What steps do I take in a short sale?
First, find out the true market value of your house. A qualified REALTOR®, like Greater R.I. Properties, LLC, will be able to give you a reasonable idea of what your house would likely sell for based on a market analysis. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
North Kingstown homeowners who are upside down on their home loan and need relief fast can rely on the expertise of Greater R.I. Properties, LLC to guide them through the short sale process. Contact me today
for a free consultation.
Next, calculate 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 upon closing.
Finally, call your lender and tell them of the situation. They may even have a special department that deals with short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.