Ready to short sell your home?
What is a short sale? A short sale is when you owe more than what the house is worth . This may be attributed to many factors, but commonly is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
The process of a short sale...
First, get an idea of the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, a qualified local real estate professional that knows the current conditions of the North Kingstown real estate market is a sound way to get an accurate estimate of your home's worth.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to address questions you have about real estate short sales.
Next, estimate your closing costs. My work in this area has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, contact your lender and tell them of the situation. They may even have a dedicated department that oversees short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.