Is it time to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than what is owned. This can be caused by many reasons, but most often is a result of a rapidly declining housing market.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.
The process of a short sale:
First, get an idea of the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local REALTOR® that knows the current conditions of the Jasper real estate market is the best way to get a realistic estimate of your home's worth. |
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Need an honest idea of what your home today's market? Contact us today to find out how Hitson Realty, Inc. can help. | ||
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Next, calculate your closing costs. The knowledgeable real estate agents at Hitson Realty, Inc. will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a special department that manages short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.