Ready to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than what is owned. This could be due to many reasons, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can get the lender to write off the difference.
How to do a short sale...
First, find out the true market value of your home. Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the West Palm Beach real estate market is a smart way to get a realistic opinion of your home's value.
Need real estate advice? Contact me today
to find out how J. Briann Realty Group, Inc. can help.
Next, don't forget about your closing costs. My experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and let them know of your situation. They may even have a specific department that oversees short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.