Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth . This situation is typically caused by prices in a market rapidly declining.
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, find out the true market value of your home. A good REALTOR®, like Greater R.I. Properties, LLC, will be able to give you a reasonable idea of what your house should probably sell for based on a market analysis. Beware of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Should you have concerns about real estate or the process of going through a short sale in North Kingstown, Rhode Island just contact me
here or e-mail me
Next, estimate 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 upon closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a specific department that oversees short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.