Need to short sell your home?
What is a short sale? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. 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 preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What's involved in a short sale?
First, assess the true market value of your house. If your finances are already pushed to the limit, paying a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the North Kingstown real estate market is a sound way to get a realistic opinion of your home's value.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer any questions you have about real estate short sales.
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 upon closing.
Finally, call your lender and let them know of your situation. They may even have a special team that handles short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.