Do you need to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are usually the result of values in a market rapidly deflating.
Short sales may be a way for homeowners to preclude 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 property. If your finances are already strained, paying a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Seminole real estate market is a sound way to get an accurate estimate of what your home could sell for.
Next, don't forget about your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and tell them of your situation. They may even have a dedicated department that manages short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.