Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This may be due to many causes, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What's involved in a short sale?
First, get an idea of the true market value of your home. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the Fort Walton Beach real estate market is a smart way to get a realistic opinion of your home's worth.
Need an honest idea of what your home's value today's market? Contact me today
to find out how Coast to Coast Property Brokers can help.
Next, calculate your closing costs. My experience means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and notify them of the situation. They may even have a specific team that oversees short sales. Ask about their specific process. 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 approve the final sale.