Ready 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 is worth . This may be due to many factors, but most often is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, get an idea of the true market value of your property. An experienced REALTOR®, like Coldwell Banker High Country Realty, will be able to give you a good idea of what your home would possibly sell for based on a market analysis. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have any concerns regarding real estate or what happens during a short sale in Murphy, North Carolina you can contact me
here or e-mail me
Next, estimate your closing costs. My experience has taught me 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, get in touch with your lender and let them know of the situation. They may even have a dedicated department that handles short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give consent for the final sale.