Are you ready to short sell your home?
Not sure 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 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 remainder of the loan.
What's involved in a short sale?
First, determine the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local real estate professional that knows the current conditions of the Murphy real estate market is the best way to get a reliable idea of what your home could sell for.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to address questions you have regarding real estate short sales.
Next, determine your closing costs. My work in this area has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon 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 steps. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.