Ready to short sell your home?
What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. Short sales are typically caused by values in an area rapidly deflating.
Short sales could be a way for homeowners to prevent 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 house. For those whose finances are already strained, hiring a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Tampa real estate market is a sound way to get a reliable opinion of your home's value.
Next, calculate your closing costs. My experience means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a particular department that deals with short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give consent for the final sale.