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 is worth . This could be attributed to many causes, but most often is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, get an idea of the true market value of your property. If your finances are already stretched, hiring a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Delray Beach real estate market is a smart way to get an accurate idea of your home's worth.
Next, be sure to figure in 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 closing.
Finally, contact your lender and let them know of the situation. They may even have a particular department that oversees short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give consent for the final sale.