Time to short sell your home?
What is a short sale? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This can be due to many reasons, but often is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, figure out the true market value of your house. If your finances are already pushed to the limit, engaging a licensed appraiser may not be an option. Therefore, an experienced local real estate professional that knows the current conditions of the West Palm Beach real estate market is a sound way to get a reliable idea of your home's worth.
If you have concerns regarding real estate or what happens during a short sale in West Palm Beach, Florida just contact me
here or e-mail me
Next, estimate your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a specific team that manages short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
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