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Is it time to short sell your home? What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. This may be due to many factors, but frequently is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?First, figure out the true market value of your house. An experienced real estate professional, like those at Realty World - Top Producers Realty, Inc., will be able to give you a reasonable idea of what your property will likely sell for based on prior sales of similar houses in the area. Be cautious 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.
Next, don't forget about your closing costs. The knowledgeable real estate professionals at Realty World - Top Producers Realty, Inc. will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and make them aware of the situation. They may even have a special team that manages short sales. Ask about their particular process. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.
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Friday, May 04, 2012 11:30:06 PM
CALL 1-800-214-4945 TOLL FREE OR IN NAPLES 239-430-1700
   
    
 
REALTY WORLD - TOP PRODUCERS REALTY, INC IS A FLORIDA LICENSED REAL ESTATE FIRM
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