Time to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is usually caused by home values in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How to do a short sale...
First, assess the true market value of your home. Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local REALTOR® that knows the current conditions of the Brandon real estate market is the best way to get an accurate idea of what your home could sell for.
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Next, be sure to figure in your closing costs. My work in this area has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and tell them of your situation. They may even have a specific department that handles short sales. Ask about their exact 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.