Time to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house is worth. Short sales are typically the result of home prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, find out the true market value of your property. A qualified REALTOR®, like those at Viking Realty Group, will be able to give you a reasonable idea of what your house should likely sell for based on prior sales of similar houses in the area. Be cautious of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, calculate your closing costs. The qualified real estate agents at Viking Realty Group will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
If you have questions pertaining to real estate or what happens during a short sale in the entire State of Florida simply contact us here or e-mail me.
Finally, contact your lender and tell them of your situation. They may even have a specific department that manages short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give consent for the final sale.