Need to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than the amount of the outstanding loans. Short sales are typically the result of values in an area rapidly deflating.
Short sales can be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
The process of a short sale...
First, find out the true market value of your home. If your finances are already strained, engaging a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate agent that knows the current conditions of the Tucumcari real estate market is a sound way to get an accurate estimate of what your home could sell for.
Next, be sure to figure in your closing costs. My experience means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and tell them of your situation. They may even have a dedicated department that deals with short sales. Ask about their exact procedures. 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.
