Ready to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . This may be attributed to many causes, but often is a result of a rapidly declining real estate market.
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 remainder of the loan.
What's involved in a short sale?
First, find out the true market value of your property. An experienced real estate professional, like Petrovich Realty, will be able to give you a reasonable idea of what your property will possibly sell for based on prior sales of similar houses in the area. Watch out for 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.
Should you have concerns about real estate or the process of going through a short sale in Rock Hill, South Carolina just contact me
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Next, determine your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and let them know of your situation. They may even have a special team that deals with short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.