Do you need to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth . This situation is typically caused by home values in a market rapidly deflating.
Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, get an idea of the true market value of your home. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Tucumcari real estate market is a sound way to get a reliable estimate of your home's worth.
Next, be sure to figure in your closing costs. My experience has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and make them aware of your situation. They may even have a special department that manages short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to agree to the final sale.