Is it time to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is typically caused by home prices in a market rapidly declining.
Short sales can be a way for homeowners to prevent 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 property. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local REALTOR® that knows the current conditions of the Tucumcari real estate market is the best way to get a realistic opinion of your home's worth.
Next, determine 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, get in touch with your lender and notify them of your situation. They may even have a specific team that handles short sales. Ask about their particular steps. Some lenders will be more willing to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to approve the final sale.