Do you need to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be attributed to many factors, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, find out the true market value of your home. A good real estate professional, like Southdale Properties, Inc., will be able to give you a realistic idea of what your property would probably sell for based on prior sales of similar houses in the area. Watch out for websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Lake Worth homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of Southdale Properties, Inc. to guide them through the short sale process. Contact me today
for a free consultation.
Next, find out your closing costs. My work in this area has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and make them aware of your situation. They may even have a particular 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 how much you owe or make other arrangements. Your lender will have to agree to the final sale.