Do you need to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This situation is typically caused by home prices in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
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 fit your already tight budget, a qualified local REALTOR® that knows the current conditions of the Landrum real estate market is the best way to get an accurate estimate of what your home could sell for.
When you're ready to sell your property, Mickey Hambright can help. Take advantage of our expertise and knowledge of the local real estate market in Landrum to sell your home quickly. Contact us today.
Next, calculate your closing costs. Our work in this area has taught us to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and tell them of the situation. They may even have a specific department that deals with short sales. Ask about their exact process. Some lenders will be more inclined 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 give consent for the final sale.