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Do you need to short sell your home?
What is a short sale? A short sale occurs
when you owe more than what the house will possibly fetch in the open market.
Short sales are often caused by home prices in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, assess the true market value of your home.
A qualified real estate professional, like those at Marcia Hadeler, REALTOR, will be able to give you a reasonable idea of what your property will likely sell for based on prior sales of similar houses in the neighborhood. Beware of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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When you're ready to sell your property, Marcia Hadeler, REALTOR can help. Use our experience and knowledge of the local real estate market in Napa to sell your home quickly. Contact us today.
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Next, calculate your closing costs. The knowledgeable real estate agents at Marcia Hadeler, REALTOR will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and make them aware of your situation. They may even have a special team that handles short sales. Ask about their specific 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 agree to the final sale.
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Marcia Hadeler, REALTOR Coldwell Banker - Brokers of the Valley Napa, CA 94558
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