Are you ready to short sell your home?
What is a short sale? A short sale is when you owe more than what the house is worth . This can be due to many factors, but most commonly is a result of a rapidly declining real estate market.
Short sales can 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, figure out the true market value of your property. If your finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Mifflintown real estate market is a smart way to get a realistic idea of your home's value.
Need an honest idea of what your home could sell for today's market? Contact me today
to find out how Jack Gaughen Network Services Hower & Associates can help.
Next, be sure to figure in your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and let them know of your situation. They may even have a particular team that deals with short sales. Ask about their particular procedures. Some lenders will be more able 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 give consent for the final sale.