
Are you ready to short sell your home?
Not sure what a short sale is? A short sale occurs
when you owe more than what the house is worth.
This situation is typically caused by prices in an area rapidly deflating.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, figure out the true market value of your home.
Since hiring a licensed appraiser may not work with your already tight budget, an experienced local REALTOR® that knows the current conditions of the West Palm Beach real estate market is a sound way to get a reliable opinion of your home's value.
Next, find out your closing costs. My work in this area has taught me to account for fees like 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 dedicated department that oversees short sales. Ask about their particular steps. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give consent for the final sale.