Time to short sell your home?
Not sure what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This could be attributed to many causes, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market value of your property. A knowledgeable real estate professional, like Coldwell Banker Plourde Real Estate, will be able to give you a realistic idea of what your house would likely sell for based on prior sales of similar houses in the area. Be careful of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have any concerns regarding real estate or what happens during a short sale in Waterville, Maine just contact me
here or e-mail me
Next, don't forget about your closing costs. My work in this area means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a dedicated team that deals with short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to agree to the final sale.