Need to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . Short sales are typically caused by home prices in an area rapidly deflating.
Short sales may be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your home. For those whose finances are already strained, hiring a licensed appraiser may not be feasible. Therefore, a qualified local REALTOR® that knows the current conditions of the North Kingstown real estate market is a smart way to get a reliable opinion of what your home could sell for.
North Kingstown homeowners who are upside down on their home loan and need relief fast should turn to the expertise of Greater R.I. Properties, LLC to guide them through the short sale process.
Contact me today for a free consultation.
Next, calculate your closing costs. My experience means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and tell them of your situation. They may even have a specific team that manages short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.