Is it time to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are usually caused by prices in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How do I proceed with a short sale?
First, assess the true market value of your home. A good REALTOR®, like Coldwell Banker Plourde Real Estate, will be able to give you a realistic idea of what your home will probably sell for based on a market analysis. Be cautious 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.
When you're ready to sell your home, Coldwell Banker Plourde Real Estate can help. Use my expertise and knowledge of the local real estate market in Waterville to sell your home quickly. Contact us today
Next, calculate your closing costs. My experience has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and tell them of your situation. They may even have a special department that deals with short sales. Ask about their specific 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 give approval for the final sale.