Not sure what a short sale is? A short sale happens
when the value of a home is less than what is owned.
This situation is often caused by values in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, get an idea of the true market value of your house.
Since paying for a licensed appraiser may not work with your already tight budget, an experienced local REALTOR® that knows the current conditions of the Ridgeland real estate market is a smart way to get a reliable estimate of your home's worth.
When it's time to sell your home, Jamie Hanry is ready. Use our expertise and knowledge of the local real estate market in Ridgeland to sell your home quickly. Contact us today.
Next, don't forget about your closing costs. The experienced real estate professionals at Jamie Hanry will account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and notify them of your situation. They may even have a specific department that oversees short sales. Ask about their exact steps. 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 approve the final sale.
