Do you need to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house is worth . This situation is typically the result of values in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, assess the true market value of your property. An experienced REALTOR®, like Choice Jacksonville Realty, will be able to give you a reasonable idea of what your home should likely sell for based on a market analysis. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Jacksonville homeowners who are upside down on their mortgage 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, estimate your closing costs. My experience means I know to consider fees such as 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 special department that oversees short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give consent for the final sale.