Do you need to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than the amount of the outstanding loans. This can be caused by many reasons, but most commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, figure out the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local real estate agent that knows the current conditions of the Waterville real estate market is the best way to get an accurate opinion of your home's value.
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Next, determine your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and let them know of your situation. They may even have a particular team that deals with short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give approval for the final sale.