Ready to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than what is owned. This can be caused by many reasons, but most 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 negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, determine the true market value of your house. A good REALTOR®, like Coldwell Banker High Country Realty, will be able to give you a reasonable idea of what your property will possibly sell for based on a market analysis. Be careful 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.
When the time comes to sell your property, Coldwell Banker High Country Realty will help. Use my experience and knowledge of the local real estate market in Murphy to sell your home quickly. Contact us today
Next, estimate your closing costs. My experience means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and let them know of your situation. They may even have a special team that handles short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.