Ready to short sell your home?
What is a short sale? A short sale is when you owe more than what the house will possibly sell for . This can be due to many causes, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to forgive the difference.
How do I proceed with a short sale?
First, figure out the true market value of your property. A good real estate professional, like Greater R.I. Properties, LLC, will be able to give you a realistic idea of what your house will possibly sell for based on prior sales of similar houses in the neighborhood. Be careful of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When the time comes to sell your house, Greater R.I. Properties, LLC is ready. Use my expertise and knowledge of the local real estate market in North Kingstown to sell your home quickly. Contact us today
Next, be sure to figure in your closing costs. My experience means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and notify them of the situation. They may even have a special department that handles short sales. Ask about their exact process. 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.