Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth. This may be attributed to many factors, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to write off the difference.
How do I proceed with a short sale?First, determine the true market value of your home. An experienced REALTOR®, like those at Mia Howe Realty, will be able to give you a reasonable idea of what your house will likely sell for based on a market analysis. Be cautious of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
||When the time comes to sell your property, Mia Howe Realty will help. Take advantage of our experience and knowledge of the local real estate market in Sugarloaf Key to sell your home quickly. Contact us today.
Next, be sure to figure in your closing costs. The knowledgeable REALTORS® at Mia Howe Realty will take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and tell them of your situation. They may even have a dedicated department that deals with short sales. Ask about their specific steps. Some lenders will be more able to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give consent for the final sale.
Drop me a line and I will send you a questionaire to find out if a short sale is for you!