Time to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This could be attributed to many reasons, but often 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 get the lender to forgive the difference.
What's involved in a short sale?
First, figure out the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the Jacksonville real estate market is the best way to get a reliable estimate of what your home could sell for.
Need real estate advice? Contact me today
to find out how Choice Jacksonville Realty can help.
Next, estimate your closing costs. My experience means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and tell them of the situation. They may even have a specific department that deals with short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to agree to the final sale.