Time 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 caused by many factors, but often is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, figure out the true market value of your property. For those whose finances are already stretched, paying a licensed appraiser may not be feasible. Therefore, a qualified local real estate agent that knows the current conditions of the Tampa real estate market is a sound way to get a realistic opinion of what your home could sell for.
Next, determine your closing costs. My work in this area means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and make them aware of your situation. They may even have a specific team that handles short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.