In today’s real estate market, many potential Marin homeowners are asking about the short sale. If you bought at the peak of the market in 2004/205, there is a good chance you may be underwater on your home. If you don’t plan on moving any time soon, then it is probably not an issue. Unfortunately, some homeowners get into trouble if they lose a job, had an interest only type of loan that is suddenly resetting or they have to make a sudden or unexpected move.
Occasionally, I hear homeowners say “Ahh, I don’t care, I will just do a short sell.” Like you just call up the bank and they hand out the short sell coupon. As many agents and homeowners can tell you, the short sale process can be very long, difficult and sometimes flat out doesn’t work. Ted Mackel, a colleague of mine in Simi Valley, California wrote a fantastic article titled “what is a short sale & can I sell my home?”
If you are considering a short sale in Marin, it is definitely worth a read and applicable to our market as well. Interested in Marin market data? Sign up to receive very detailed real-time market reports in your email. Learn about Marin County price trends, supply and demand, leading indicators and more. Download a sample report.