Need to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house will possibly fetch in the open market . This situation is typically the result of prices in a market rapidly declining.
Short sales could be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your property. For those whose finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate professional that knows the current conditions of the West Palm Beach real estate market is a smart way to get a realistic estimate of your home's value.
Next, find out your closing costs. My work in this area has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and notify them of your situation. They may even have a special department that handles short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.
Looking to Sell?
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