Ready to short sell your home?
Don't know what a short sale is? A short sale occurs when you owe more than what the house will possibly sell for. This could be caused by many factors, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What's involved in a short sale?
First, assess the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local REALTOR® that knows the current conditions of the Guerneville real estate market is the best way to get a reliable estimate of what your home could sell for.
Next, calculate your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a particular department that handles short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to approve the final sale.