Do you need to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house is worth . This may be due to many causes, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What steps do I take in a short sale?
First, get an idea of the true market value of your home. A qualified REALTOR®, like Ferrell Realty, Inc., will be able to give you a reasonable idea of what your home will likely sell for based on prior sales of similar houses in the neighborhood. 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.
To get top dollar for your distressed real estate in Winter Park, Contact Ferrell Realty, Inc. today
for a company with the experience and knowledge to get you to the closing table quickly.
Next, be sure to figure in your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and let them know of your situation. They may even have a specific department that oversees short sales. Ask about their specific process. 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 give approval for the final sale.