Don't know what a short sale is? A short sale occurs
when the amount of the outstanding loans are greater than the amount for which the home could sell.
This may be due to many factors, but most commonly is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, determine the true market value of your home.
Since paying for a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Jacksonville real estate market is a sound way to get an accurate estimate of what your home could sell for.
Jacksonville homeowners who are upside down on their home loan and need results fast can rely on the expertise of Watson Referral Realty, Inc. to guide them through the short sale process. Contact us today for a free consultation.
Next, be sure to figure in your closing costs. The knowledgeable real estate professionals at Watson Referral Realty, Inc. 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 make them aware of your situation. They may even have a specific department that handles short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
Watson Referral Realty, Inc. 7821 Deercreek Club Road Suite 201 Jacksonville, FL 32256