Ready to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than the amount of the outstanding loans. This could be caused by many factors, but frequently 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 negotiate with the lender to write off the remainder of the loan.
What's involved in a short sale?
First, determine the true market value of your property. If your finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, an experienced local real estate agent that knows the current conditions of the North Kingstown real estate market is a sound way to get an accurate opinion of your home's value.
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, don't forget about your closing costs. My work in this area has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and tell them of the situation. They may even have a special team that deals with short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.