Is it time 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 . Short sales are typically the result of values in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, find out the true market value of your house. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local real estate professional that knows the current conditions of the West Palm Beach real estate market is a sound way to get a realistic idea of your home's value.
When you're ready to get started,
contact me through my site or
e-mail me. I'm happy to answer questions you have regarding real estate short sales.
Next, estimate your closing costs. My work in this area means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and make them aware of the situation. They may even have a particular department that deals with short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.