Are you ready to short sell your home?
Not sure 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 real estate market.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, figure out the true market value of your property. A good REALTOR®, like Century 21 Judge Fite Company, will be able to give you a realistic idea of what your property will possibly sell for based on prior sales of similar houses in the area. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, don't forget about your closing costs. My experience means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and let them know of the situation. They may even have a special team that deals with short sales. Ask about their particular process. 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 give approval for the final sale.