Is it time to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is often the result of values in a market rapidly deflating.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, find out the true market value of your house. If your finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, an experienced local real estate agent that knows the current conditions of the Cornelius real estate market is the best way to get a reliable idea of what your home could sell for.
Cornelius homeowners who are upside down on their home loan and need relief 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, calculate your closing costs. My work in this area has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and tell them of the situation. They may even have a particular team that oversees short sales. Ask about their specific procedures. Some lenders will be more able 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 agree to the final sale.
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