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Are you ready to short sell your home?
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 home.
Short sales are often the result of home prices in an area rapidly declining.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market value of your home.
If your finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, a qualified local REALTOR® that knows the current conditions of the St. Petersburg real estate market is a sound way to get an accurate opinion of what your home could sell for.
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If you have questions regarding real estate or what happens during a short sale in St. Petersburg, Florida simply contact me here or e-mail me.
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Next, determine your closing costs. The qualified real estate agents at Quantum Realty Solutions will take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and tell them of the situation. They may even have a dedicated team that oversees short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to approve the final sale.
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