Is it time to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house will possibly fetch in the open market . This could be due to many factors, but commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How to do a short sale...
First, get an idea of the true market value of your house. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Randleman real estate market is a smart way to get an accurate opinion of your home's worth.
Randleman homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of Connection Realty LLC to guide them through the short sale process. Contact me today
for a free consultation.
Next, don't forget about your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a dedicated department 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 how much you owe or make other arrangements. Your lender will have to give consent for the final sale.