Ready to short sell your home?
Not sure 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 could be attributed to many causes, but frequently is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
The process of a short sale...
First, get an idea of the true market value of your house. A knowledgeable REALTOR®, like Choice Jacksonville Realty, will be able to give you a good idea of what your home should likely sell for based on prior sales of similar houses in the area. Be careful 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.
When you're ready to get started, contact me
through my site or e-mail me
. I'm glad to answer any questions you have regarding real estate short sales.
Next, determine your closing costs. My experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a dedicated team that handles short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give approval for the final sale.