Are you ready to short sell your home?
Don't know what a short sale is? A short sale occurs when you owe more than what the house will possibly sell for . This could be caused by many reasons, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
How to do a short sale...
First, find out the true market value of your home. An experienced real estate professional, like Coldwell Banker Plourde Real Estate, will be able to give you a good idea of what your property should probably sell for based on prior sales of similar houses in the area. 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 it's time to sell your property, Coldwell Banker Plourde Real Estate will help. Use my experience and knowledge of the local real estate market in Waterville to sell your home quickly. Contact us today
Next, be sure to figure in your closing costs. My experience has taught me to take into account 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 make them aware of your situation. They may even have a particular team that oversees short sales. Ask about their particular procedures. Some lenders will be more able 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.