Do you need to short sell your home?
Not sure what a short sale is? A short sale is when you owe more than what the house will possibly sell for . This may be attributed to many factors, but commonly is a result of a rapidly declining housing 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 to do a short sale...
First, find out the true market value of your property. A good REALTOR®, like Coldwell Banker Plourde Real Estate, will be able to give you a realistic idea of what your home will possibly sell for based on prior sales of similar houses in the neighborhood. Beware of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Should you have any concerns about real estate or what happens during a short sale in Waterville, Maine you can contact me
here or e-mail me
Next, determine your closing costs. My work in this area has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and notify them of your situation. They may even have a dedicated department that deals with short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.