Is it time to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than what is owned. This can be due to many factors, but most commonly is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, get an idea of the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the Lake Worth real estate market is a sound way to get a realistic 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, estimate your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and notify them of the situation. They may even have a special team that handles short sales. Ask about their specific steps. 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 agree to the final sale.