Need to short sell your home?
Don't know what a short sale is? A short sale happens
when you owe more than what the house will possibly sell for.
This may be caused by many factors, but most commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your home.
Since paying for a licensed appraiser may not fit your already tight budget, a qualified local real estate professional that knows the current conditions of the Woodbury real estate market is the best way to get a realistic estimate of what your home could sell for.
Woodbury homeowners who are upside down on their mortgage and need relief fast can rely on the expertise of Dan McNellis to guide them through the short sale process. Contact me today
for a free consultation.
Next, determine your closing costs. My work in this area means I know to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and let them know of the situation. They may even have a particular team that deals with short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.