Time to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house is worth . Short sales are often caused by values in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How do I proceed with a short sale?
First, find out the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local real estate professional that knows the current conditions of the Tucumcari real estate market is a smart way to get an accurate idea of what your home could sell for.
Next, find out your closing costs. My work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and let them know of the situation. They may even have a particular team that oversees short sales. Ask about their particular 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.