Ready to short sell your home?
Not sure what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . This situation is typically the result of home values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
The process of a short sale...
First, determine the true market value of your home. A good real estate professional, like Greater R.I. Properties, LLC, will be able to give you a good idea of what your home should probably sell for based on prior sales of similar houses in the area. Beware 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 you're ready to get started,
contact me through my site or
e-mail me. I'm happy to answer questions you have about real estate short sales.
Next, find out your closing costs. My work in this area has taught me to take into account fees including 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 the situation. They may even have a dedicated team that deals with short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give consent for the final sale.