Need 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 value of the home. This could be attributed to many reasons, but most commonly is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, figure out the true market value of your house. For those whose finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, a qualified local real estate agent that knows the current conditions of the Landrum real estate market is a sound way to get an accurate opinion of your home's value.
Next, find out your closing costs. My experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and let them know of your situation. They may even have a specific department that deals with short sales. Ask about their particular process. Some lenders will be more willing 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.