Time to short sell your home?
Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are typically the result of home prices in an area rapidly declining.
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.
How do I proceed with a short sale?
First, figure out the true market value of your house. A good REALTOR®, like Coldwell Banker Plourde Real Estate, will be able to give you a good idea of what your property will probably sell for based on a market analysis. Watch out for websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Waterville homeowners who are upside down on their home loan and need results fast can rely on the expertise of Coldwell Banker Plourde Real Estate to guide them through the short sale process. Contact me today
for a free consultation.
Next, estimate your closing costs. My work in this area has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and tell them of the situation. They may even have a special team that manages short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to approve the final sale.