Need to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth . This may be caused by many factors, but most commonly is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, determine the true market value of your house. A qualified real estate professional, like J. Briann Realty Group, Inc., will be able to give you a realistic idea of what your property should probably sell for based on a market analysis. Be careful of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have concerns pertaining to real estate or the process of going through a short sale in West Palm Beach, Florida just contact me
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Next, determine your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and notify them of the situation. They may even have a particular department that deals with short sales. Ask about their exact steps. 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.
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