Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house is worth . This could be attributed to many factors, but most commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market value of your property. If your finances are already strained, paying a licensed appraiser may not be feasible. Therefore, an experienced local real estate agent that knows the current conditions of the West Palm Beach real estate market is the best way to get a realistic idea of what your home could sell for.
West Palm Beach homeowners who are upside down on their home loan and need relief fast should turn to the expertise of J. Briann Realty Group, Inc. to guide them through the short sale process.
Contact me today for a free consultation.
Next, find out your closing costs. My work in this area has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and notify them of your situation. They may even have a particular department that manages short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to approve the final sale.