Ready to short sell your property?Not sure what a short sale is? A short sale is when the amount of the outstanding loans are greater than the value of the property. This can be caused by many factors, but most often is a result of a rapidly declining real estate market.
Short sales can be a way for property owners to avert foreclosure and pay off their loan with the lender by settling.
The process of a short sale:First, determine the true market value of your house. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local REALTOR® that knows the current conditions of the Daytona Beach real estate market is a smart way to get an accurate idea of your home's value.
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Next, find out your closing costs. The knowledgeable REALTORS® at Realty Pros Commercial will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and notify them of the situation. They may even have a specific department that handles short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
Whether you need to sell a multi-family, office, retail, commercial land or industrial property give us a call. We can give you the current commercial market information so you can make an informed decision.