Ready to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the value of the home. Short sales are usually caused by values in a market rapidly declining.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, get an idea of the true market value of your house. 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 a reliable opinion of your home's value.
Next, find out your closing costs. My work in this area has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and let them know of your situation. They may even have a special department that oversees 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 agree to the final sale.