Time to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house will possibly fetch in the open market . This situation is usually caused by prices in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
How do I proceed with a short sale?
First, figure out the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, an experienced local REALTOR® that knows the current conditions of the Guerneville real estate market is a smart way to get an accurate estimate of what your home could sell for.
Next, determine your closing costs. My work in this area has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a specific department that manages short sales. Ask about their particular process. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to approve the final sale.