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Need to short sell your home?
Don't know what a short sale is? A short sale is
when you owe more than what the house is worth.
This situation is typically the result of home prices in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, determine the true market value of your home.
A good REALTOR®, like those at Ballenger Realty/BeaufortHomeTeam, will be able to give you a reasonable idea of what your home would possibly sell for based on prior sales of similar houses in the area. Watch out for 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.
Next, calculate your closing costs. The qualified real estate professionals at Ballenger Realty/BeaufortHomeTeam will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and tell them of the situation. They may even have a dedicated department that manages short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give consent for the final sale.
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BeaufortHomeTeam
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