Do you need to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than what is owned. This situation is typically the result of home prices in an area rapidly deflating.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, determine the true market value of your house. Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the Seminole real estate market is a smart way to get a reliable idea of what your home could sell for.
Next, be sure to figure in your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and let them know of the situation. They may even have a specific department that deals with 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 your loan principal or make other arrangements. Your lender will have to give consent for the final sale.