Ready to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than what is owned. This situation is often the result of values in an area rapidly declining.
Short sales may be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, get an idea of the true market value of your property. Since paying for a licensed appraiser may not work with your already tight budget, an experienced local REALTOR® that knows the current conditions of the Waterville real estate market is a smart way to get a realistic opinion of what your home could sell for.
Next, estimate your closing costs. My experience has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and notify them of your situation. They may even have a particular 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 lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.