Ready to short sell your home?
Not sure what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are usually caused by prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can get the lender to forgive the difference.
How to do a short sale...
First, find out the true market value of your home. A qualified real estate professional, like Southern Homes of the Carolinas, will be able to give you a reasonable idea of what your home will possibly sell for based on prior sales of similar houses in the area. Be cautious of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, determine your closing costs. My work in this area has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and notify them of your situation. They may even have a dedicated department that handles short sales. Ask about their specific process. 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 consent for the final sale.
Looking to Sell?
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