Do you need to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than what is owned. Short sales are usually the result of home values in an area rapidly declining.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, get an idea of the true market value of your house. 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 an accurate opinion of what your home could sell for.
When you're ready to get started, contact me
through my site or e-mail me
. I'm glad to answer any questions you have about real estate short sales.
Next, calculate your closing costs. My experience has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a specific team that manages short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.