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 amount for which the home could sell. This may be due to many reasons, but most 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.

What's involved in a short sale?

First, determine the true market value of your house. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate professional that knows the current conditions of the Tucumcari real estate market is the best way to get an accurate idea of your home's worth.

Next, be sure to figure in your closing costs. My experience has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.

Finally, get in touch with your lender and tell them of your situation. They may even have a special department that handles short sales. Ask about their particular process. Some lenders will be more able 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 give consent for the final sale.