Is it time to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is usually caused by prices in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, figure out the true market value of your house. If your finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the West Palm Beach real estate market is the best way to get an accurate estimate of what your home could sell for.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to answer questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a special department that manages short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to agree to the final sale.