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Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth. This could be caused by many factors, but frequently is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, We have REALTORS® in our offices that are Certified Short Sale and Foreclosure specialists. These agents received their SFR designation from the National Association Of Realtors® to help you through this trying time. Tehy will help you determine the true market value of your house. Since paying for a licensed appraiser may not work with your already tight budget, an experienced local real estate agent that knows the current conditions of the Clearwater Beach real estate market is a smart way to get an accurate opinion of your home's worth.
Need real estate advice? Contact us today to find out how CENTURY 21 Coast to Coast can help.
Next, don't forget about your closing costs. The qualified real estate professionals at CENTURY 21 Coast to Coast will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and tell them of your situation. They may even have a dedicated department that deals with short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to approve the final sale.
