Don't know what a short sale is? A short sale is when the amount of the outstanding loans are greater than the value of the home. This can be attributed to many causes, but most often is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, find out 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 professional that knows the current conditions of the St. Cloud real estate market is a sound way to get a reliable idea of your home's value.
Need an honest idea of what your home today's market? Contact us today to find out how Godwin Realty Group can help.
Next, estimate your closing costs. The experienced real estate agents at Godwin Realty Group will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a special department that oversees short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.
Godwin Realty Group 1112 Pennsylvania Ave St. Cloud, FL 34769
