Ready to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This situation is typically caused by home values in a market rapidly declining.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your property. Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the North Kingstown real estate market is a smart way to get a realistic 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 answer questions you have about real estate short sales.
Next, determine your closing costs. My work in this area has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and notify them of the situation. They may even have a dedicated department that oversees short sales. Ask about their exact procedures. Some lenders will be more able to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give consent for the final sale.