Are you ready 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. This may be attributed to many causes, but frequently is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, get an idea of the true market value of your house. If your finances are already strained, engaging a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Landrum real estate market is the best way to get a reliable opinion 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 answer any questions you have about real estate short sales.
Next, determine your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and make them aware of your situation. They may even have a special department that oversees short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.