What is a short sale? A short sale happens when the value of a home is less than what is owned. This could be due to many factors, but commonly is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your home. A qualified REALTOR®, like those at Investment Florida Realty, will be able to give you a good idea of what your home would probably sell for based on prior sales of similar houses in the neighborhood. Be cautious of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have any questions about real estate or what happens during a short sale in Tarpon Springs, Florida just contact me here or e-mail me.
Next, calculate your closing costs. The experienced real estate professionals at Investment Florida Realty will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a dedicated department that deals with short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.
