Is it time to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than what is owned. This may be attributed to many reasons, but most commonly is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, find out the true market value of your home. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local real estate agent that knows the current conditions of the Waterville real estate market is a sound way to get a reliable idea of what your home could sell for.
Should you have questions regarding real estate or what happens during a short sale in Waterville, Maine just contact me
here or e-mail me
Next, determine your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and make them aware of the situation. They may even have a dedicated department that handles short sales. Ask about their exact procedures. 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.