Short Sales For Sellers
NEED TO SHORT SELL YOUR HOME?
What is a short sale? A short sale occurs when the value of a home is less than what is owned. Short sales are usually the result of home values in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
WHAT'S INVOLVED IN A SHORT SALE?
First, figure out the true market value of your property. An experienced real estate professional, like those at Keller Williams Realty, will be able to give you a reasonable idea of what your house would likely sell for based on prior sales of similar houses in the area. Watch out for websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, calculate your closing costs. The qualified real estate agents at Keller Williams Realty will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a specific department that handles short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.
If you have concerns pertaining to real estate or the process of going through a short sale in Hampstead, Wilmington, Jacksonville, or Topsail Beach North Carolina contact REACH Properties for assistance.