Ready to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. Short sales are often caused by values in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, get an idea of the true market value of your property. A good real estate professional, like Petrovich Realty, will be able to give you a good idea of what your home would possibly sell for based on a market analysis. Be careful of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
To get top dollar for your distressed real estate in Rock Hill, Contact Petrovich Realty today
for a company with the experience and knowledge to get you to the closing table quickly.
Next, don't forget about your closing costs. My work in this area has taught me to take into account fees such as 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 your situation. They may even have a dedicated team that manages short sales. Ask about their exact steps. 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.