Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house will possibly sell for . This could be caused by many causes, but often is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How do I proceed with a short sale?
First, assess the true market value of your property. For those whose finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, a qualified local REALTOR® that knows the current conditions of the North Kingstown real estate market is a smart way to get a reliable estimate of what your home could sell for.
When the time comes to sell your house, Greater R.I. Properties, LLC can help. Use my experience and knowledge of the local real estate market in North Kingstown to sell your home quickly. Contact us today
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 estimate your final costs upon closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a special department that manages short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.