Do you need to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are often the result of home prices in a market rapidly deflating.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, get an idea of the true market value of your home. If your finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Guerneville real estate market is a smart way to get an accurate idea of what your home could sell for.
Next, estimate your closing costs. My experience has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and let them know of your situation. They may even have a special team that manages short sales. Ask about their particular procedures. Some lenders will be more inclined 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.