What is a short sale? A short sale occurs
when the value of a home is less than what is owned.
This situation is often caused by prices in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How do I proceed with a short sale?
First, figure out the true market value of your property.
Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local REALTOR® that knows the current conditions of the Port Orange real estate market is a sound way to get an accurate estimate of your home's value.
Should you have any questions regarding real estate or the process of going through a short sale in Port Orange, Florida you can contact me here or e-mail me.
Next, estimate your closing costs. The knowledgeable real estate professionals at EXIT Plan Realty will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and tell them of the situation. They may even have a special team that deals with short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.
EXIT Plan Realty 1515 Herbert St., Suite 212 Port Orange, FL 32129
