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 the amount of the outstanding loans. This may 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 preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, determine the true market value of your property. For those whose finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the North Kingstown real estate market is the best way to get a reliable opinion of what your home could sell for.
If you have questions regarding real estate or the process of going through a short sale in North Kingstown, Rhode Island you can
contact me here or
e-mail me.
Next, be sure to figure in your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a specific department that handles short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.