Not sure what a short sale is? A short sale is when you owe more than what the house will possibly sell for. Short sales are typically the result of 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 forgive the difference.
What steps do I take in a short sale?
First, assess the true market value of your house. Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the King & Winston Salem NC real estate market is a smart way to get a realistic opinion of what your home could sell for.
Need real estate advice? Contact us today to find out how Danny R Douglas can help.
Next, find out your closing costs. The qualified REALTORS® at Danny R Douglas will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and tell them of your situation. They may even have a specific department that deals with 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 approve the final sale.
Piedmont Group Properties PO Box 968 313 Kirby Rd. King, NC 27021
