Do you need to short sell your home?
Not sure what a short sale is? A short sale is when you owe more than what the house is worth . This could be due to many reasons, but most commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, figure out the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local REALTOR® that knows the current conditions of the Rock Hill real estate market is a smart way to get a reliable opinion of your home's worth.
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Next, estimate your closing costs. My experience has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and tell them of your situation. They may even have a dedicated team that oversees short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.