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 . Short sales are often the result of home values in an area rapidly declining.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to write off 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 strained, hiring a licensed appraiser may not be feasible. Therefore, a qualified local REALTOR® that knows the current conditions of the Tampa real estate market is a sound way to get a realistic idea of what your home could sell for.
Next, determine your closing costs. My experience has taught me to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a dedicated team that handles short sales. Ask about their particular process. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give consent for the final sale.