Are you ready to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . Short sales are usually caused by prices in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the difference.
How do I proceed with a short sale?
First, determine the true market value of your house. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Lake Worth real estate market is a smart way to get an accurate idea of your home's worth.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer questions you have regarding real estate short sales.
Next, calculate your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and make them aware of the situation. They may even have a special team that handles short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.