Need to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This can be attributed to many reasons, but most commonly is a result of a rapidly declining real estate market.
Short sales could 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, determine the true market value of your home. For those whose finances are already stretched, paying a licensed appraiser may not be an option. Therefore, a qualified local REALTOR® that knows the current conditions of the Lake Worth real estate market is a smart way to get a reliable estimate of what your home could sell for.
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, be sure to figure in your closing costs. My work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and let them know of the situation. They may even have a special team that oversees short sales. Ask about their particular 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 approve the final sale.