Ready 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 could be attributed to many causes, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market value of your home. If your finances are already stretched, hiring a licensed appraiser may not be an option. Therefore, a qualified local real estate professional that knows the current conditions of the Jacksonville real estate market is the best way to get a realistic idea of what your home could sell for.
Jacksonville homeowners who are upside down on their home loan and need results fast can rely on the expertise of Choice Jacksonville Realty to guide them through the short sale process. Contact me today
for a free consultation.
Next, be sure to figure in your closing costs. My work in this area has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and tell them of the situation. They may even have a dedicated department that manages short sales. Ask about their exact steps. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.