Do you need to short sell your home?
Not sure what a short sale is? A short sale occurs
when the amount of the outstanding loans is greater than the value of the home.
This situation is often the result of values in an area rapidly deflating.
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.
What's involved in a short sale?
First, assess the true market value of your property.
An experienced REALTOR®, like American Dream of Northeast Florida, Inc., will be able to give you a realistic idea of what your home should likely sell for based on a market analysis. 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.
Need real estate advice? Contact us today
to find out how American Dream of Northeast Florida, Inc. can help.
Next, be sure to figure in your closing costs. Our work in this area means we know to account for 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 let them know of the situation. They may even have a dedicated department that deals with short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.