Ready to short sell your home?

Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is typically the result of prices in an area rapidly deflating.

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

How do I proceed with a short sale?

First, figure out the true market value of your house. For those whose finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. 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 your home's worth.

Next, don't forget about your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.

Finally, get in touch with your lender and let them know of the situation. They may even have a particular department that oversees short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.