Time to short sell your home?Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the value of the home. This could be attributed to many causes, but often is a result of a rapidly declining housing 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, get an idea of the true market value of your house. If your finances are already strained, hiring a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate agent that knows the current conditions of the Odessa real estate market is the best way to get a realistic opinion of what your home could sell for.
|Tampa and Odessa homeowners who are upside down on their home loan and need relief fast should turn to the expertise of Tampa Bay Real Estate to guide them through the short sale process. Contact me today for a free consultation.|
Next, find out your closing costs. My work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and tell them of your situation. They may even have a particular team that manages 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 your loan principal or make other arrangements. Your lender will have to give consent for the final sale.