Are you ready to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth . This can be caused by many reasons, but frequently is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale?
First, get an idea of the true market value of your home. If your finances are already strained, paying a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Waterville real estate market is a smart way to get a reliable opinion of your home's worth.
If you have questions regarding real estate or what happens during a short sale in Waterville, Maine simply contact me
here or e-mail me
Next, determine your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and notify them of your situation. They may even have a particular department that deals with 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 approve the final sale.