Don’t know what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This situation is often the result of home values in an area rapidly declining. 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.
Start with the exterior of your home, also called your curb appeal. Examine the outside of your home from a street view. What jumps out at you? What great features seem hidden? Knowing this assists us in deciding what measures we can take to entice buyers from the street and into your house. If your home’s exterior isn’t inviting with refreshed paint and blooming garden plants we’ll need to address those issues. Follow the Curb Appeal Checklist and add dollars to your house’s final selling price.
First, determine the true market value of your house. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, an experienced local REALTOR® that knows the current conditions of the Cape Coral real estate market is a sound way to get a realistic opinion of your home’s value.
Next, don’t forget about your closing costs. The experienced agents at SWFL Realty Group will consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and make them aware of the situation. They may even have a specific team that manages short sales. Ask about their particular process. Some lenders will be more inclined 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.