Do you need to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . This situation is typically the result of prices in an area rapidly deflating.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, figure out the true market value of your home. A qualified real estate professional, like J. Briann Realty Group, Inc., will be able to give you a realistic idea of what your house will possibly sell for based on prior sales of similar houses in the area. Be careful 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.
Should you have any questions regarding real estate or what happens during a short sale in West Palm Beach, Florida just contact me
here or e-mail me
Next, find out your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and make them aware of your situation. They may even have a particular team that deals with short sales. Ask about their specific steps. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.
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