Is it time to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than what is owned. Short sales are often caused by home values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market value of your property. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate agent that knows the current conditions of the Seminole real estate market is a sound way to get an accurate opinion of your home's value.
Next, don't forget about your closing costs. My experience has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and notify them of your situation. They may even have a particular department that deals with short sales. Ask about their particular process. 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 give consent for the final sale.