Do you need to short sell your home?
Not sure what a short sale is? A short sale occurs when the value of a home is less than what is owned. This may be caused by many causes, but commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to forgive the difference.
How to do a short sale...
First, figure out the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Davenport real estate market is a smart way to get an accurate idea of what your home could sell for.
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for a company with the experience and knowledge to get you to the closing table quickly.
Next, estimate your closing costs. My work in this area means I know to 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 let them know of your situation. They may even have a dedicated team that manages short sales. Ask about their exact steps. Some lenders will be more willing 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.