Need to short sell your home?
Not sure what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. Short sales are typically the result of prices in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, find out the true market value of your home. A good real estate professional, like Choice Jacksonville Realty, will be able to give you a reasonable idea of what your home will probably sell for based on a market analysis. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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Next, be sure to figure in your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and notify them of your situation. They may even have a specific department that deals with short sales. Ask about their exact steps. Some lenders will be more inclined 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.