Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This situation is typically the result of home prices in a market rapidly deflating.
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 difference.
What's involved in a short sale?
First, determine the true market value of your house. An experienced real estate professional, like Petrovich Realty, will be able to give you a reasonable idea of what your house should possibly sell for based on prior sales of similar houses in the area. Beware of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When it's time to sell your house, Petrovich Realty will help. Use my expertise and knowledge of the local real estate market in Rock Hill to sell your home quickly. Contact us today
Next, calculate your closing costs. My work in this area means I know to account for 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 notify them of the situation. They may even have a special team that oversees short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.