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Are you ready to short sell your home? Don't know what a short sale is? A short sale is when you owe more than what the house will possibly sell for. This can be due to many causes, but often is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
The process of a short sale:First, get an idea of the true market value of your house. If your finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, a qualified local real estate agent that knows the current conditions of the Pensacola real estate market is a sound way to get a realistic estimate of your home's worth.
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Need an honest idea of what your home is worth in today's market? Contact us today to find out how we can help. |
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Next, estimate your closing costs. We will take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and tell them of the situation. They may even have a particular team that manages 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 the amount owed or make other arrangements. Your lender will have to approve the final sale.
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