Is it time to short sell your home?
Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the value of the home. This may be caused by many reasons, but commonly is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What's involved in 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 professional that knows the current conditions of the Cornelius real estate market is a sound way to get a realistic estimate of what your home could sell for.
Next, calculate 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 tally your final costs upon closing.
Finally, contact your lender and make them aware of your situation. They may even have a dedicated team that handles short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.
Looking to Sell?
Are you looking to sell your house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.