Do you need to short sell your home?

What is a short sale? A short sale occurs when the value of a home is less than what is owned. Short sales are typically caused by home prices in an area rapidly declining.

Short sales may be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.

What steps do I take in a short sale?

First, figure out the true market value of your house. If your finances are already strained, hiring a licensed appraiser may not be an option. Therefore, an experienced local real estate professional that knows the current conditions of the Tucumcari real estate market is a smart way to get a reliable estimate of what your home could sell for.

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

Finally, contact your lender and make them aware of your situation. They may even have a particular team that oversees short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.