Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth . This could be attributed to many reasons, but commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, find out the true market value of your property. For those whose finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the Lake Worth real estate market is a sound way to get an accurate estimate of your home's value.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer questions you have about real estate short sales.
Next, calculate your closing costs. My work in this area means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and notify them of your situation. They may even have a dedicated team 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 reduce the amount owed or make other arrangements. Your lender will have to give approval for the final sale.