Is it time to short sell your home?
Don't know 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 can be caused by many factors, but most often is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What steps do I take in a short sale?
First, determine the true market value of your property. If your finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, an experienced local real estate professional that knows the current conditions of the Fort Walton Beach real estate market is the best way to get an accurate opinion of what your home could sell for.
When the time comes to sell your home, Coast to Coast Property Brokers can help. Take advantage of my expertise and knowledge of the local real estate market in Fort Walton Beach to sell your home quickly. Contact us today
Next, don't forget about your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and let them know of the situation. They may even have a special team that handles short sales. Ask about their exact steps. 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 approve the final sale.