Are you ready to short sell your home?
Not sure what a short sale is? A short sale occurs
when the value of a home is less than the amount of the outstanding loans.
This may be caused by many causes, but frequently is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, assess the true market value of your home.
Since paying for a licensed appraiser may not work with your already tight budget, a qualified local real estate professional that knows the current conditions of the San Rafael real estate market is a sound way to get a reliable estimate of what your home could sell for.
If you have questions regarding real estate or what happens during a short sale in San Rafael, California you can contact us
here or e-mail us
Next, determine your closing costs. Our experience has taught us to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a specific team that handles short sales. Ask about their specific process. 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 approval for the final sale.