Need to short sell your home?
What is a short sale? A short sale is when you owe more than what the house is worth . This can be attributed to many reasons, but commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, get an idea of the true market value of your home. An experienced real estate professional, like Exit Realty of Lakeland, will be able to give you a reasonable idea of what your home should probably sell for based on prior sales of similar houses in the area. Watch out for websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Lakeland homeowners who are upside down on their home loan and need results fast should turn to the expertise of Exit Realty of Lakeland to guide them through the short sale process. Contact me today
for a free consultation.
Next, be sure to figure in your closing costs. My work in this area has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a particular department that deals with short sales. Ask about their exact 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 agree to the final sale.
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