Need to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than the amount of the outstanding loans. This situation is typically caused by values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How to do a short sale...
First, find out the true market value of your property. A knowledgeable real estate professional, like Choice Jacksonville Realty, will be able to give you a realistic idea of what your house will possibly sell for based on a market analysis. Beware of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, determine 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 upon closing.
Finally, call your lender and let them know of the situation. They may even have a particular department that manages short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to agree to the final sale.