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 could be attributed to many factors, but most commonly 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 forgive the difference.
How do I proceed with a short sale?
First, figure out the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, an experienced local real estate agent that knows the current conditions of the Cornelius real estate market is the best way to get a realistic idea of what your home could sell for.
Should you have concerns regarding real estate or what happens during a short sale in Cornelius, North Carolina you can contact me
here or e-mail me
Next, determine your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a specific team that manages short sales. Ask about their particular steps. Some lenders will be more willing 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 consent for the final sale.
Looking to Sell?
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