Need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than what is owned. Short sales are often caused by prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What's involved in a short sale?
First, get an idea of the true market value of your house. A qualified REALTOR®, like Greater R.I. Properties, LLC, will be able to give you a reasonable idea of what your property should possibly sell for based on a market analysis. Watch out for websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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 account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and make them aware of your situation. They may even have a dedicated team that oversees short sales. Ask about their exact steps. Some lenders will be more inclined 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 approval for the final sale.