Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This can be attributed to many causes, but often 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 forgive the difference.
What's involved in a short sale?
First, assess the true market value of your house. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Murphy real estate market is a sound way to get a realistic estimate of what your home could sell for.
Murphy homeowners who are upside down on their home loan and need relief fast should turn to the expertise of Coldwell Banker High Country Realty to guide them through the short sale process. Contact me today
for a free consultation.
Next, estimate your closing costs. My experience means I know to consider fees such as 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 special department that handles short sales. Ask about their specific procedures. 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.