Are you ready to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house will possibly sell for. This can be due to many causes, but most commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, a qualified local REALTOR® that knows the current conditions of the Tuckahoe real estate market is the best way to get a reliable idea of your home's worth.
Next, estimate your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and make them aware of the situation. They may even have a specific team that handles short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.