Shelly, Other/Just Looking in Oakland, CA

What is the best way to sell a house that is worth less than what you owe?

Asked by Shelly, Oakland, CA Wed Apr 24, 2013

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Simone Hoover, Agent, Berkeley, CA
Wed Apr 24, 2013
Hi Shelly,

The first thing you should do is talk with your Realtor; you might be surprised at where the market is and what your home is worth today. Values have increased and are equity is growing in many of our Oakland homes.
If you are thinking about doing a short sale you will need to figure out if you will be approved for one first. In order to do a short sale you must have a hardship- examples would be job loss, reduction in hours or pay, medical reasons, divorce etc.
The rental market is pretty hot and it might be an option to rent out your place and have the rent cover your cost or at least most of your cost.
Sit down with an Oakland agent and discuss all your options.

Simone Hoover
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Pacita Dimac…, Agent, Oakland, CA
Wed Apr 24, 2013
Know that the market is recovering...depending on when you bought it, your property value may be approaching nearer what you paid for it.

But if you have a hardship and need to sell, perhaps you should explore doing a short sale.

To know what to expect, here's a short sale primer for sellers that you can review and see how or if this may apply to you…

How may I help?
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Cindy Davis, Agent, San Diego, CA
Wed Apr 24, 2013
Again, Shelly, there is no best way. Your options basically include 1) selling at a loss and taking the loss yourself 2) Doing a short sale 3) Hanging onto the home

Which choice you select depends upon your finances, your life situation, etc.

Good luck.
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