Do you need to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than what is owned. This situation is often caused by values in a market rapidly deflating.
Short sales may be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, find out the true market value of your house. For those whose finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate professional that knows the current conditions of the North Kingstown real estate market is a sound way to get a realistic estimate of what your home could sell for.
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 experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and let them know of your situation. They may even have a dedicated team that oversees short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give approval for the final sale.