Are you ready to short sell your home?
Not sure what a short sale is? A short sale happens when you owe more than what the house is worth . Short sales are usually the result of prices in a market rapidly deflating.
Short sales could be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
How to do a short sale...
First, get an idea of the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the North Kingstown real estate market is the best way to get an accurate idea of your home's worth.
Need an honest idea of what your home's value today's market? Contact me today
to find out how Greater R.I. Properties, LLC can help.
Next, be sure to figure in your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and tell them of your situation. They may even have a particular department that deals with short sales. Ask about their particular steps. Some lenders will be more inclined 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 give consent for the final sale.