Time 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 an area rapidly deflating.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, determine the true market value of your house. Since paying for a licensed appraiser may not fit your already tight budget, a qualified 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 estimate of your home's value.
If you have concerns about real estate or what happens during a short sale in Fort Walton Beach, Florida you can contact me
here or e-mail me
Next, determine your closing costs. My work in this area has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and notify them of your situation. They may even have a specific department that deals with short sales. Ask about their exact steps. 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 approve the final sale.