Ready to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is usually caused by values in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, figure out the true market value of your house. An experienced REALTOR®, like Mickey Hambright, will be able to give you a good idea of what your property will probably sell for based on prior sales of similar houses in the area. Watch out for websites where a computer estimates your home'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 house, Mickey Hambright will help. Take advantage of my expertise and knowledge of the local real estate market in Landrum to sell your home quickly. Contact us today
Next, estimate 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 at the closing table.
Finally, call your lender and tell them of your situation. They may even have a specific team that oversees short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.