Ready to short sell your home?
What is a short sale? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This could be caused by many factors, but most often is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, figure out the true market value of your property. Since hiring a licensed appraiser may not fit your already tight budget, a qualified local real estate agent that knows the current conditions of the Jacksonville real estate market is the best way to get a reliable idea of your home's value.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer any questions you have regarding real estate short sales.
Next, determine your closing costs. My experience has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and tell them of the situation. They may even have a specific team that deals with short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.