Time 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 can be caused by many reasons, but often is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to preclude 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, determine the true market value of your home. For those whose finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Seminole real estate market is a sound way to get a realistic idea of what your home could sell for.
Next, determine your closing costs. My work in this area has taught me to account for 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 your situation. They may even have a specific team that deals with short sales. Ask about their particular process. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.