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Need to short sell your home?
What is a short sale? A short sale is
when the amount of the outstanding loans are greater than the value of the home.
This can be due to many causes, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What's involved in a short sale?
First, figure out the true market value of your house.
Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Tampa real estate market is the best way to get a realistic estimate of your home's value.
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Should you have any questions regarding real estate or the process of going through a short sale in Tampa, Florida just contact me here or e-mail me.
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Next, calculate your closing costs. The experienced agents at Quantum Realty Solutions-Leo Gonzalez will consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and tell them of your situation. They may even have a special department that oversees short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.
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