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Is it time to short sell your home?
Don't know what a short sale is? A short sale is
when you owe more than what the house is worth.
This situation is typically caused by prices in an area rapidly deflating.
Short sales could be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, determine the true market value of your property.
Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Naples real estate market is a smart way to get a reliable opinion of your home's value.
Next, estimate your closing costs. The knowledgeable real estate professionals at Priority Business Brokers, LLC will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a dedicated department that handles short sales. Ask about their specific 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 agree to the final sale.
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