Are you ready to short sell your home?
Not sure what a short sale is? A short sale occurs when the value of a home is less than the amount of the outstanding loans. Short sales are often caused by values in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the difference.
What steps do I take in a short sale?
First, find out the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local real estate professional that knows the current conditions of the Lake Norman real estate market is the best way to get an accurate opinion of what your home could sell for.
Lake Norman homeowners who are upside down on their home loan and need results fast should turn to the expertise of Southern Homes of the Carolinas to guide them through the short sale process. Contact me today
for a free consultation.
Next, calculate your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a specific team that handles short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
Looking to Sell?
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