Ready to short sell your home?

Not sure what a short sale is? A short sale happens when you owe more than what the house will possibly sell for . This could be caused by many causes, but most commonly is a result of a rapidly declining real estate market.

For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.

What's involved in a short sale?

First, figure out the true market value of your home. For those whose finances are already stretched, paying a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the Tucumcari real estate market is the best way to get a realistic estimate of your home's value.

Next, don't forget about your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.

Finally, call your lender and tell them of the situation. They may even have a special department that manages short sales. Ask about their particular procedures. 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 give approval for the final sale.