Ready to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house will possibly fetch in the open market . Short sales are often the result of home prices in a market rapidly deflating.
Short sales may be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, determine the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local REALTOR® that knows the current conditions of the Lake Worth real estate market is a sound way to get an accurate idea of what your home could sell for.
Next, be sure to figure in 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 estimate your final costs at closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a dedicated department that deals with short sales. Ask about their specific 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 approval for the final sale.