Are you ready to short sell your home?
What is a short sale? 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 deflating.
Short sales may be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, figure out the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the North Kingstown real estate market is a sound way to get a reliable opinion of your home's worth.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to address any questions you have regarding real estate short sales.
Next, determine your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a particular team that oversees short sales. Ask about their exact process. Some lenders will be more able 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.