Are you ready to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than what is owned. This situation is typically caused by home values 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, find out the true market value of your property. Since paying for a licensed appraiser may not work with your already tight budget, an experienced local real estate professional that knows the current conditions of the Guerneville real estate market is a smart way to get an accurate estimate of your home's value.
Next, don't forget about 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, contact your lender and make them aware of the situation. They may even have a special department that oversees short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give consent for the final sale.