Is it time to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than the amount of the outstanding loans. This could be attributed to many reasons, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale?
First, get an idea of the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the Murphy real estate market is a sound way to get a reliable opinion of your home's value.
When you're ready to sell your home, Coldwell Banker High Country Realty can help. Take advantage of my expertise and knowledge of the local real estate market in Murphy to sell your home quickly. Contact us today
Next, calculate your closing costs. My experience has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and let them know of the situation. They may even have a specific department that deals with short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to approve the final sale.