Solano County Realestate Blog

Ready to Short Sell Your Home?
July 18th, 2010 4:00 PM

Ready to short sell your home?

Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans are greater than the value of the home. This situation is usually the result of values in a market rapidly declining.

For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.

How to do a short sale:

First, get an idea of the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local real estate agent that knows the current conditions of the Solano, Yolo & Sacramento Counties real estate market is a sound way to get a realistic idea of what your home could sell for.

Need real estate advice? Contact us today to find out how we can help.

Next, don't forget about your closing costs. We will take into account fees like title report, appraisal, escrow, property taxes, and real estate commissions to calculate your final costs at closing.

Finally, have us call your lender and make them aware of the situation. They may even have a dedicated team that deals with short sales. We will ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.

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Posted by Larry and Kitty Powers on July 18th, 2010 4:00 PMPost a Comment

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