Do you need to short sell your home?
What is a short sale? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be caused by many factors, 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 get the lender to forgive the difference.
The process of a short sale...
First, assess the true market value of your house. Since paying for a licensed appraiser may not work with your already tight budget, an experienced local REALTOR® that knows the current conditions of the Landrum real estate market is the best way to get an accurate opinion of what your home could sell for.
Next, determine 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 make them aware of the situation. They may even have a special department that manages short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to agree to the final sale.