Do you need to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than what is owned. This could be attributed to many factors, but commonly is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, get an idea of the true market value of your house. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local REALTOR® that knows the current conditions of the Orlando real estate market is a smart way to get a reliable idea of what your home could sell for.
Orlando homeowners who are upside down on their mortgage and need relief fast can rely on the expertise of Sunstar Realty Inc. to guide them through the short sale process. Contact me today
for a free consultation.
Next, determine your closing costs. My experience has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and make them aware of your situation. They may even have a particular department that deals with short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.