Do you need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. This situation is usually caused by home values in a market rapidly declining.
Short sales can be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
How to do a short sale...
First, determine the true market value of your home. If your finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, an experienced local real estate agent that knows the current conditions of the North Kingstown real estate market is the best way to get an accurate opinion of what your home could sell for.
When you're ready to get started,
contact me through my site or
e-mail me. I'm happy to answer any questions you have about real estate short sales.
Next, calculate your closing costs. My experience 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, contact your lender and let them know of your situation. They may even have a special team that oversees short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.