Do you need to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house is worth . Short sales are typically caused by prices in a market 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 difference.
How do I proceed with a short sale?
First, figure out the true market value of your house. For those whose finances are already strained, engaging a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Waterville real estate market is the best way to get a reliable opinion of what your home could sell for.
Next, be sure to figure in your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a particular team that oversees short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to agree to the final sale.