Ready to short sell your home?
What is a short sale? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This can be attributed to many reasons, but often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, determine the true market value of your property. If your finances are already pushed to the limit, engaging a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate professional that knows the current conditions of the North Kingstown real estate market is the best way to get a reliable idea of your home's value.
North Kingstown homeowners who are upside down on their mortgage 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, determine your closing costs. My experience has taught me to account for fees such as 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 your situation. They may even have a special department that handles short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.