Ready to short sell your home?
Don't know 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 prevent foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your house. Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local REALTOR® that knows the current conditions of the Tucumcari real estate market is a sound way to get a reliable idea of what your home could sell for.
Next, determine your closing costs. My experience means I know to consider 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 tell them of the situation. They may even have a specific department that handles short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.