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 the amount of the outstanding loans. This situation is typically caused by prices in an area rapidly deflating.
Short sales can be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, determine the true market value of your house. Since hiring a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the Seminole real estate market is the best way to get a realistic opinion of your home's worth.
Next, find out your closing costs. My work in this area 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, call your lender and let them know of your situation. They may even have a dedicated team that oversees short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.