Need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. This can be caused by many causes, but most 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 negotiate with the lender to forgive the difference.
What's involved in a short sale?
First, get an idea of the true market value of your property. If your finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the Jacksonville real estate market is the best way to get a realistic estimate of what your home could sell for.
Should you have any concerns about real estate or the process of going through a short sale in Jacksonville, North Carolina simply contact me
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Next, find out your closing costs. My work in this area has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and notify them of your situation. They may even have a specific team that oversees short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give approval for the final sale.