Time to short sell your home?
What is a short sale? A short sale is when the amount of the outstanding loans is greater than the value of the home. This situation is often caused by prices in an area rapidly declining.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can get the lender to forgive 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. For those whose finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Waterville real estate market is a sound way to get a realistic estimate of your home's worth.
Need an honest idea of what your home's value today's market? Contact me today
to find out how Coldwell Banker Plourde Real Estate can help.
Next, don't forget about 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 calculate your final costs upon closing.
Finally, call your lender and let them know of the situation. They may even have a specific department that manages short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to approve the final sale.