Do you need to short sell your home?
Not sure what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This situation is usually the result of home prices in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How to do a short sale...
First, determine the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, an experienced local REALTOR® that knows the current conditions of the Mifflintown real estate market is the best way to get a realistic idea of what your home could sell for.
Mifflintown homeowners who are upside down on their mortgage and need results 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, determine your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and notify them of the situation. They may even have a specific department that manages short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.