Short Sale Basics for Livermore Home Sellers!

Livermore Short SaleA recent article by Inman News says that we can expect an increase in short sale activity throughout 2013, thanks to an improved transaction process and a recovering economy. With California’s home inventory running at historic lows, short sales will receive good attention from buyers who may have otherwise looked past them.

If you are a homeowner in Alameda County who has experienced a financial hardship, and you owe more on your home than it’s currently worth, you may be a good candidate for a short sale. Please remember that not all situations qualify for a short sale, and being underwater in value alone will not gain you an approval.

You can get a basic idea about short sale guidelines by visiting Freddie Mac’s website. Depending who holds your mortgage loan, your short sale requirements may vary.

If doing a short sale interests you, follow these steps for your best chance of success!

1. Ask your mortgage lender about their short sale requirements. They will send you the paperwork to get started. Please remember that it isn’t enough to be underwater in home value; you must also have a qualifying hardship.

2. Your mortgage lender may ask for copies of your recent bank statements, paycheck stubs, tax returns and a list of your household expenses. Be cooperative and send in the requested documentation asap.

3. If you have other liens against the property, from a second mortgage, or an unpaid debt or tax obligation, let your mortgage lender know.

4.  If the ownership of the home had any changes since your original purchase, as the result of a divorce or other situation, declare this up front. Lien and title issues can be time-consuming to resolve.

5. Work with an experienced real estate professional who knows the local market!

6. Stay in contact with your mortgage lender and your real estate professional. Your lender may need additional documentation from you at some point during the process. Make sure your lender has your current phone number and mailing address. Respond to all mailings and phone calls promptly.

As your experienced Livermore real estate professional, I stay on top of the latest market news and statistics, and I’m happy to share this information with you. Meanwhile, if you’d like to find out the market value of your Livermore home, ask me for your free home evaluation!

If you are selling your home in Livermore, Pleasanton or Dublin , or if you just have a few questions, contact me! I will be glad to provide you with reliable, professional guidance!

John Kurtzer
Your Livermore Real Estate Expert
RE/MAX Accord

Livermore Real Estate
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