Time to short sell your home?
Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the value of the home. This could be attributed to many causes, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?
First, figure out the true market value of your house. A good REALTOR®, like Choice Jacksonville Realty, will be able to give you a reasonable idea of what your home would likely sell for based on prior sales of similar houses in the neighborhood. Be cautious 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 home loan and need relief 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, calculate your closing costs. My experience means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and make them aware of the situation. They may even have a special department that manages 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.