How To Short Sell My Laguna Beach Home

There is a lot of mis-information regarding how to short sale homes in today's real estate market

. Part of this is to the ever changing regulations that the banks are deciding to use. Keeping up to date with the latest regualations is important when thinking about short selling your Laguna Beach home.

Laguna Beach Short Sales are becoming more of a common place as homeowners realize that short selling a home is a better option to foreclosure. Learning how to short sale your home will help you save time and money and help you get out of toxic debt.

First, you must explore all your options when deciding to do a short sale. Some Laguna Beach homeowners will consider loan modifications and choose to work directly with their lender instead of doing a short sale. Often, these loan modifications are unsuccessful and we see clients coming to us after their failed attempt with the modification. Loan modifications are great when they work but we often see more failure than success. Second, you must check to see if you qualify to short sale your Laguna Beach home. The Laguna Beach Real Estate market has seen a decline in prices in the last couple of years and many Laguna Beach owners owe more than the home's current market value. If you can show the bank reasonable distress in being able to pay your monthly mortgage payment then you may qualify for a short sale.

The next step is to meet with a local Laguna Beach Real Estate agent who also has had experience with short sales. Many real estate agents will tell you they are familiar with short sales but have had no prior experience with them. Make sure to ask them how many short sales they have successfully sold and have them walk you through the steps of a short sale. Once you have meet with a short sale agent your home will go up for sale. Be prepared for a lot of activity if your home is priced well as many home buyers are looking for Laguna Beach short sale homes. Once you receive and accept an offer the "short sale packet" is then sent to the bank. Typically, the short sale packet comprises of an accepted offer, short sale addendum, two months worth of bank statements, buyer's proof of funds and pre-approval letter. The bank may ask more more financial information from you which your real estate agent should consult you on.

After the short sale packet has been sent to the bank you will wait for the bank to make a decision. The bank will do their own internal (BPO) "Broker Price Opinion" on the home. Basically, this is a mini-appraisal the bank will do to determine what the market value is of your Laguna Beach home. If the purchase offer is within reason of the BPO then your short sale will be accepted. Typically the bank will give 30 days for the buyer to close after the formal approval.

Short Sales work well when you are dealing with a skilled short sale agent. Finding the right Laguna Beach Real Estate agent will be the key to your success and save you a lot of time and money.

by: Beach Cities Real Estate

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