Time to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . This situation is often the result of prices in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How do I proceed with a short sale?
First, find out the true market value of your property. Since hiring a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Cornelius real estate market is a smart way to get a realistic opinion of your home's value.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to address any questions you have regarding real estate short sales.
Next, don't forget about your closing costs. My experience means I know to consider 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 specific department that oversees short sales. Ask about their exact steps. Some lenders will be more willing 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.