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Need to short sell your home?

What is a short sale? A short sale happens when you owe more than what the house is worth . This situation is typically the result of home prices in an area 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 do I proceed with a short sale?

First, figure out the true market value of your home. If your finances are already strained, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR^® that knows the current conditions of the Sherman Oaks real estate market is the best way to get a realistic idea of what your home could sell for.

Next, don't forget about your closing costs. My experience has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.

Finally, call your lender and tell them of the situation. They may even have a special team that deals with short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.