Ready to short sell your home?
What is a short sale? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This can be caused by many factors, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How to do a short sale...
First, determine the true market value of your house. A knowledgeable real estate professional, like J. Briann Realty Group, Inc., will be able to give you a good idea of what your house would possibly sell for based on prior sales of similar houses in the area. Watch out for websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When it's time to sell your home, J. Briann Realty Group, Inc. is ready. Use my experience and knowledge of the local real estate market in West Palm Beach to sell your home quickly.
Contact us today.
Next, determine your closing costs. My experience has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and let them know 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 how much you owe or make other arrangements. Your lender will have to agree to the final sale.