What is a short sale? A short sale is when the amount of the outstanding loans are greater than the amount for which the home could sell. This may be due to many causes, but most commonly is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your house. A knowledgeable real estate professionals, we will be able to give you a good idea of what your home will likely sell for based on current market conditions. NOTE: Be cautious of websites where a computer estimates your house's market value since they may not have complete information or know important things that dramatically effect value in our Russian River / Guerneville area market.
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When you're ready to get started, contact us through our site or e-mail us. We're happy to answer any questions you have regarding real estate short sales. |
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Next, don't fret about your closing costs such as title report, appraisal, escrow, property taxes, and agent commissions, These are negotiated with the Bank as part of the short sale and are customarily paid by the Lender as part of the short-fall in the sale.
Finally, you may want to make contact with your lender and tell them you are planning on selling your home. They may even have a special team that oversees short sales. Ask about their process. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
No matter what, please feel free to contact us ~ we'll be happy to assist you in the process.
