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Do you need to short sell your home?
Not sure what a short sale is? A short sale happens
when the value of a home is less than the amount of the outstanding loans.
This situation is usually the result of home values in an area rapidly deflating.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How to do a short sale:
First, find out the true market value of your home.
If your finances are already pushed to the limit, hiring a licensed appraiser may not be an option. Therefore, an experienced local real estate professional that knows the current conditions of the Miami Lakes real estate market is a smart way to get a realistic idea of your home's worth.
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When you're ready to get started, contact me through my site or e-mail me. I'm happy to address any questions you have about real estate short sales.
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Next, be sure to figure in your closing costs. The knowledgeable agents at Principal Realty, Inc. will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and notify them of your situation. They may even have a dedicated department that deals with short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.
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