Are you ready to short sell your home?
Not sure what a short sale is? A short sale is when you owe more than what the house is worth . This could be due to many reasons, but most commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, assess the true market value of your property. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate professional that knows the current conditions of the Murphy real estate market is a sound way to get a reliable idea of your home's worth.
When you're ready to get started, contact me
through my site or e-mail me
. I'm glad to address questions you have regarding real estate short sales.
Next, determine your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a particular team that deals with short sales. Ask about their specific procedures. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to approve the final sale.