Ready to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house will possibly sell for . This may be due to many reasons, but most often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, determine the true market value of your home. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local real estate agent that knows the current conditions of the Delray Beach real estate market is the best way to get a realistic estimate of what your home could sell for.
Next, don't forget about your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and tell them of the situation. They may even have a dedicated 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 lessen how much you owe or make other arrangements. Your lender will have to give approval for the final sale.