Are you ready to short sell your home?
Not sure what a short sale is? A short sale occurs when the value of a home is less than what is owned. This situation is usually caused by values in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What's involved in a short sale?
First, assess the true market value of your property. A knowledgeable REALTOR®, like Southdale Properties, Inc., will be able to give you a reasonable idea of what your house should likely sell for based on a market analysis. Beware of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have concerns pertaining to real estate or what happens during a short sale in Lake Worth, Florida you can contact me
here or e-mail me
Next, be sure to figure in your closing costs. My experience means I know to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, contact your lender and tell them of your situation. They may even have a dedicated team that manages short sales. Ask about their specific 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 give approval for the final sale.