Are you ready 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. Short sales are often the result of values in a market rapidly deflating.
Short sales can be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What's involved in 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 real estate agent that knows the current conditions of the Lake Worth real estate market is the best way to get a reliable opinion of what your home could sell for.
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, calculate your closing costs. My work in this area means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and make them aware of your situation. They may even have a dedicated department that deals with short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.