Is it time to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be attributed to many causes, 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.
The process of a short sale...
First, find out the true market value of your home. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local real estate agent that knows the current conditions of the Murphy real estate market is the best way to get a reliable opinion of your home's worth.
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Next, be sure to figure in your closing costs. My experience 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, contact your lender and make them aware of the situation. They may even have a specific team that manages short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give approval for the final sale.