Need to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are typically the result of home prices in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, get an idea of the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Jacksonville real estate market is a smart way to get a reliable estimate of what your home could sell for.
Jacksonville homeowners who are upside down on their mortgage and need relief fast should turn to 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 experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and make them aware of your situation. They may even have a specific team that oversees short sales. Ask about their specific steps. Some lenders will be more inclined 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 agree to the final sale.