Need to short sell your home?
What is a short sale? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is often caused by values in an area rapidly declining.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, figure out the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Taylorsville real estate market is a smart way to get an accurate opinion of what your home could sell for.
Taylorsville homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of Rhyne Realty, Inc. to guide them through the short sale process.
Contact me today for a free consultation.
Next, estimate 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 upon closing.
Finally, call your lender and make them aware of your situation. They may even have a particular team that deals with short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.