Are you ready to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. Short sales are typically caused by values in a market rapidly deflating.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, figure out the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Fort Walton Beach real estate market is a smart way to get an accurate opinion of your home's value.
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Next, calculate your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a special team that handles short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give approval for the final sale.