Are you ready 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. This can be due to many reasons, but most often 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 negotiate with the lender to write off the difference.
What steps do I take in a short sale?
First, figure out the true market value of your house. A knowledgeable REALTOR®, like Southern Homes of the Carolinas, will be able to give you a good idea of what your property will possibly sell for based on prior sales of similar houses in the area. Beware of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Cornelius homeowners who are upside down on their home loan and need results fast can rely on the expertise of Southern Homes of the Carolinas to guide them through the short sale process. Contact me today
for a free consultation.
Next, estimate your closing costs. My experience has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a specific department that deals with short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give consent for the final sale.
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