Time 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. Short sales are usually the result of home values in an area rapidly declining.
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, figure out the true market value of your property. If your finances are already pushed to the limit, engaging a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Mifflintown real estate market is a smart way to get a realistic estimate of your home's worth.
Mifflintown homeowners who are upside down on their mortgage and need relief fast can rely on the expertise of Jack Gaughen Network Services Hower & Associates to guide them through the short sale process. Contact me today
for a free consultation.
Next, don't forget about your closing costs. My experience means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and let them know of your situation. They may even have a dedicated department that oversees short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.