Ready to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house will possibly sell for . This may be attributed to many factors, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, determine the true market value of your home. If your finances are already stretched, engaging a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Tampa real estate market is a smart way to get an accurate idea of what your home could sell for.
Next, calculate your closing costs. My work in this area means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and notify them of the situation. They may even have a special department that deals with short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.