What is a short sale? A short sale happens
when the amount of the outstanding loans are greater than the amount for which the home could sell.
This can be attributed to many factors, but frequently is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, assess the true market value of your property.
Since paying for a licensed appraiser may not work with your already tight budget, a qualified local real estate agent that knows the current conditions of the Jupiter real estate market is a smart way to get a reliable opinion of what your home could sell for.
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Next, be sure to figure in your closing costs. The experienced real estate agents at Sue Peppler,Steven ONeill Realtor Team will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and notify them of your situation. They may even have a special department that oversees short sales. Ask about their specific steps. Some lenders will be more willing 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 consent for the final sale.
