Need to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This situation is often caused by home prices in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale?
First, determine the true market value of your house. Since paying for a licensed appraiser may not work with your already tight budget, a qualified local REALTOR® that knows the current conditions of the Lake Worth real estate market is the best way to get a realistic idea 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 glad to address any questions you have regarding real estate short sales.
Next, determine your closing costs. My experience has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, contact your lender and make them aware of your situation. They may even have a dedicated department that manages short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.