What is a short sale? A short sale happens when the value of a home is less than the amount of the outstanding loans. This can be due to many reasons, but commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How to do a short sale:
First, assess the true market value of your property. A knowledgeable real estate professional, like those at Watson Referral Realty Inc., will be able to give you a realistic idea of what your house will probably sell for based on prior sales of similar houses in the neighborhood. Beware of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Should you have questions regarding real estate or what happens during a short sale in Jacksonville, Florida simply contact me here or e-mail me.
Next, don't forget about your closing costs. The knowledgeable agents at Watson Referral Realty Inc. will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and notify them of the situation. They may even have a particular department that deals with short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.
