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Do you need to short sell your home?
Don't know what a short sale is? A short sale is
when the value of a home is less than what is owned.
This can be attributed to many reasons, but most often is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, determine the true market value of your property.
A knowledgeable REALTOR®, like those at Windermere Real Estate, will be able to give you a good idea of what your house would likely sell for based on prior sales of similar houses in the area. Beware of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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Need an honest idea of what your home today's market? Contact us today to find out how Windermere Real Estate can help.
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Next, don't forget about your closing costs. The experienced REALTORS® at Windermere Real Estate will account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and notify them of the situation. They may even have a special department that handles short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give consent for the final sale.
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