Is it time to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth . This can be caused by many reasons, but most often 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.
How to do a short sale...
First, assess the true market value of your property. Since hiring 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 a smart way to get an accurate idea of your home's worth.
Next, be sure to figure in your closing costs. My work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and tell them of the situation. They may even have a particular department that manages short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.