What is a short sale? A short sale is
when the amount of the outstanding loans are greater than the value of the home.
This can be due to many factors, but often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, determine the true market value of your house.
If your finances are already stretched, paying a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the NAPA real estate market is a sound way to get a reliable idea of what your home could sell for.
When you're ready to sell your home, RD Team Realtors® can help. Take advantage of our expertise and knowledge of the local real estate market in NAPA to sell your home quickly. Contact us today.
Next, determine your closing costs. The experienced real estate agents at RD Team Realtors® will account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a specific 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 your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
