What is a short sale? A short sale occurs when the amount of the outstanding loans are greater than the value of the home. This may be caused by many causes, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, figure out the true market value of your home. If your finances are already stretched, paying a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate agent that knows the current conditions of the California DRE Lic# 01408453 real estate market is the best way to get a realistic idea of your home's worth.
If you have any concerns about real estate or what happens during a short sale in California, simply contact me here or e-mail me.
Next, don't forget about your closing costs. The qualified real estate professionals at Giant Realty Inc. will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and notify them of the situation. They may even have a particular department that manages short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
Giant Realty Inc. 20375 Stevens Creek Blvd, Cupertino,CA 95014 California DRE Lic# 01408453, CA 95014
