Ready to short sell your Orlando home?
Don't wait! There may be tax implications if you do.What is a short sale? A short sale is when the value of a home is less than what is owned. Short sales are typically caused by home values in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?First, figure out the true market value of your home. A knowledgeable real estate professional, like David Welch at RE/MAX 200 Realty, will be able to give you a reasonable idea of what your home will probably sell for based on a market analysis. Be careful of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
|Should you have any concerns regarding real estate or the process of going through a short sale in Winter Park, Florida just contact me here or e-mail me. |
Next, determine your closing costs. The knowledgeable REALTORS® at RE/MAX 200 Realty will take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
"Important Notice: David Welch and Remax 200 Realty are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit."
Finally, call your lender and let them know of the situation. They may even have a particular department that manages short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.
by David Welch
Orlando Real Estate