Orlando Real Estate: Selling Your Home with a Short Sale
Are you under water in your home? It may be best to sell your home in a short sale.
What is a short sale?
A short sale occurs when the value of a home is less than what is owned. This situation is typically the result of values in an area rapidly deflating. After the Real Estate bubble burst, we saw many Orlando and Central Florida home values drop dramatically leaving many home owners owing more money than their home was actually worth.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How to do a short sale:
First, assess the true market value of your property. If your finances are already stretched, hiring a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate agent that knows the current conditions of the Orlando and Central Florida real estate market is a smart way to get an accurate idea of what your home could sell for.
To get top dollar for your distressed real estate in Orlando or Central Florida it takes the level of know-how and experience we possess to get to the closing table quickly. Contact Sue King, Realtor® at Greater Orlando Realty USA, Inc. to discuss putting your property up for a short sale.
Next, find out your closing costs. Our work in this area has taught us to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and tell them of the situation. They may even have a particular team that oversees short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.