Do you need to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house will possibly sell for . This can be due to many causes, but most commonly is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, determine the true market value of your house. Since hiring a licensed appraiser may not work with your already tight budget, a knowledgeable local REALTOR® that knows the current conditions of the Fort Walton Beach real estate market is a smart way to get a realistic estimate of your home's worth.
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Next, determine your closing costs. My experience means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and notify them of your situation. They may even have a dedicated department that oversees short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.