Do you need to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than what is owned. This could be attributed to many factors, but most commonly is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, get an idea of the true market value of your home. If your finances are already pushed to the limit, hiring a licensed appraiser may not be an option. Therefore, a qualified local real estate agent that knows the current conditions of the North Kingstown real estate market is a smart way to get a reliable estimate of what your home could sell for.
North Kingstown homeowners who are upside down on their home loan and need relief fast can rely on the expertise of Greater R.I. Properties, LLC to guide them through the short sale process. Contact me today
for a free consultation.
Next, don't forget about your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and notify them of your situation. They may even have a dedicated department that oversees short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give consent for the final sale.