Are you ready to short sell your home?

Don't know what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This could be caused by many factors, but often is a result of a rapidly declining housing market.

Short sales may be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.

How do I proceed with a short sale?

First, determine the true market value of your house. If your finances are already strained, paying a licensed appraiser may not be an option. Therefore, a qualified local real estate agent that knows the current conditions of the Tucumcari real estate market is a smart way to get a reliable opinion of what your home could sell for.

Next, find out your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.

Finally, contact your lender and let them know of the situation. They may even have a dedicated department that manages short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.