Do you need 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 may be attributed to many causes, but often is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avert 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 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 Guerneville real estate market is a sound way to get an accurate estimate of what your home could sell for.
Next, be sure to figure in your closing costs. My experience has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and notify them of the situation. They may even have a specific team that oversees short sales. Ask about their specific procedures. Some lenders will be more willing 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 give consent for the final sale.