Are you ready to short sell your home?
Not sure what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This can be due to many causes, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, determine the true market value of your property. Since hiring 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 an accurate opinion of your home's worth.
North Kingstown homeowners who are upside down on their mortgage and need results fast can rely on the expertise of Greater R.I. Properties, LLC to guide them through the short sale process. Contact me today
for a free consultation.
Next, don't forget about your closing costs. My experience means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and let them know of the situation. They may even have a particular department that oversees short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.