Time 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. Short sales are typically the result of values in a market 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 difference.
How do I proceed with a short sale?
First, assess the true market value of your house. If your finances are already pushed to the limit, paying a licensed appraiser may not be feasible. Therefore, an experienced local real estate professional that knows the current conditions of the Tampa real estate market is a smart way to get a reliable idea of what your home could sell for.
Next, be sure to figure in your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and make them aware of your situation. They may even have a special department that oversees short sales. Ask about their specific steps. Some lenders will be more willing 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 agree to the final sale.