Do you need to short sell your home?
What is a short sale? A short sale is when the amount of the outstanding loans is greater than the value of the home. This may be caused by many reasons, but most often 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 forgive the remainder of the loan.
What steps do I take in a short sale?
First, find out the true market value of your house. If your finances are already strained, paying a licensed appraiser may not be an option. Therefore, a qualified local real estate professional that knows the current conditions of the North Kingstown real estate market is a sound way to get a reliable idea 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 address any questions you have regarding real estate short sales.
Next, determine your closing costs. My experience has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and tell them of the situation. They may even have a specific team that handles short sales. Ask about their exact steps. 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 agree to the final sale.