Ready to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This situation is usually the result of home prices in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the difference.
What steps do I take in a short sale?
First, determine the true market value of your house. If your finances are already strained, paying a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Brandon real estate market is a sound way to get an accurate opinion of your home's worth.
Next, estimate your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and tell them of the situation. They may even have a specific department that handles short sales. Ask about their specific procedures. Some lenders will be more inclined 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 approval for the final sale.