A Short Sale is a must, since you have fallen behind. Contact your bank to see what they can do for you and keep in constant contact with your bank.
Contact one of the banks that are associated with MassHousing. They may be able to refinance the mortgage with better terms. Here is the site: https://www.masshousing.com/portal/server.pt?open=514&ob
Lastly, keep an eye on the Federal Government. They are working on providing homeowners a form of payment at some point. Since you are in Weymouth, contact Quincy Community Action to see if they know when the funds will be available to those behind on their payments.
All the best to you!
Cawley Realty Group
In this market, the driver is price, but there are many other considerations, and central among them is agent effort. I think it always makes sense to evaluate options and change and so if you are free to do so, by all means evaluate your options, and include your current agent in the mix. If you do decide to engage him for another term, it will be because you have carefully considered your options.
A prior poster mentioned the presentation of your home, ie how it "shows" online and in person. If you can make improvements through light staging (and much of this you can do without spending a penny - like clutter removal, cleaning, lights on during showings....) do it. If your online listing is not attractive and full (comments, details) and/or photos few or of poor quality, have your agent change and improve the listing immediately.
I would add this - if in fact your listing is poorly presented, this is a deficiency on the part of your agent. Part of our job is to do this right and present a property in its best light - consumers like photos - quality and quantity, in fact gravitate to listings with more photos. In fact, on Realtor.com you can actually specify phot count as a search criteria. This is but one example, but it makes the point.
Given your situation, I would also suggest that you work with an agent that has come expereince with short sales just in case you go down that path. And I agree that it makes sense to consider the possibility and be prepared. Because at the end of the day, your home will not sell unless you price it correctly - period. The best agent, the most robust marketing plan, will not sell an overpriced home.
Good luck to you,
Unwavering Commitment to Serivce
The market has been slow but there will be new buyers coming into the market this spring. My advice to you would be to review the price of the home. If you have a contract with your agent then you should honor it until the end, but after it is done then consider hiring someone who is expert at pricing your home. Also, talk with your mortgage provider about short sale options. My thoughts are with you.
The real question is anything else selling and at what price. I bet homes have closed similar to yours within the same zip code and your house is priced over those that actually transacted. Perhaps your mortgage balance is higher than what you can sell for. If that is the case, contact the loss mitigation department at your lender and request a short sale package. This agent could have done nothing different if your price was 25% too high! Lower the asking price to be no more than 5% over actual closed homes and work a short sale. If you decide to change agents, don't tell him/her what price, use the sold comps.
If you like my answer, please select best answer and a thumbs up.
I listed a home on Friday and over the weekend we had 15 showings and 3 offers. It is all about positioning in the market place and then marketing. We have a professional photographer on staff that takes our photos and makes our properties look dynmite on online. Please reference my website. Best
I am sorry for the unfortunate situation. I hope your situation has improved.
A couple of things... Homes only sell for 1 of 2 reasons, it is either improperly priced or improperly marketed.
You should sit down with your agent and carefully review the marketing plan, is it adequate? How is it comparable to other homes, especially ones selling in your area?
Look closely at the price... are you priced properly? Compare to Actives ( you should be better than your competition, or they may sell first, ) and Solds ( look objectively at your home ... as a buyer would ).
If the answer is marketing... have your agent do more and spend more or get a new agent.
If it's the price... adjust accordingly. If you have equity, it's no fun to take a haircut but every month you lose is another morgage payment gone. Remember a bank will not do a short sale if there is equity.
If the home is upside down a short sale can be accomplished easily. Price it correctly. It does not matter how much is owed as long as the offer is what the bank will deem a fair price. A good agent and atty can assist you in this.
You have my sincere best wishes and prayers.
If I can answer any questions for you about selling your home, please feel free to contact me via my profile page.
Drop your price below what you actually owe....IMPORTANT PART, "contingent upon bank approval"
get an offer, pray the bank accepts this
Before you make a decision to change agencies, it might be good to check out what is happening in your market. There is a very good chance the market in your area has slowed down drastically. That said, it is not unheard of for sellers - rightfully so - to be fed up with the lack of work their agents are doing. If you have a strong case against your agent / agency feel free to contact us and we can recommend the top agents in your area.
Sorry to hear about your situation. Have you had any showings in the past 6 months? If so, what has been the feedback on those showings?
How does your listing description and pictures look? Does your listing highlight the true condition of your home? Does your home need a lot of work or is it in move-in condition?
There are so many factors that influence the market. Location is one of the biggest factors, but you can't change that. Your home's condition is also a significant factor. If it needs a lot of repairs that could be hurting you. With high inventory levels, buyers can be choosy on which homes they buy. Here is a great resource for the average cost of various repairs and the amount of that investment you could expect to recoup after a sale.
The biggest factor that controls how quickly a home sells is the asking price. I can sell any home quickly if it is priced aggressively. On the flip side, if a home is overpriced it will be very difficult to sell.
If you want to sell your home fast you may need to consider dropping the price and if necessary selling with a short sale to avoid foreclosure. Good luck. I hope your situation turns around for you.
For sellers, their home has to be very updated and upgraded, great location, great curb appeal, space and floor plan, to be chosen by available buyers first....
Second if your home lacks in any of the items above then only asking price can make a difference, so sit down with your current Realtor, and discuss all your options, including price reduction, upgrades, uncluttering if that is needed i.e. box up some things to make the home look bigger, move around some furniture, anything that your Realtor will consider could help and then have your Realtor take new photos.
But 6 months is not a long time, would you consider a short sale ---- not a foreclosure, discuss this option in detail with your current Realtor as we here do not know the financial side, i.e. when you bought your home, how much equity, true equity is in the home, and once you sell it if you need to buy or would rent....
Have good honest sit down and discussion with your Realtor and then make the best, well educated decision how to proceed.
Good Luck to you!
Edith YourRealtor4Life and Your Chicago Connection
Working always in the very BEST interest of her clients
The past six months have been a trying time for both home owners and their local real estate professionals, remember there is probably only one person who wants to sell your home as much as you do and that is your real estate agent!
Buyers are taking much longer to make their decisions. One of the major reasons it appears that we are in the current economic situation is that many people - both buyers and sellers- made their decisions way too quickly without doing their research.
You say you wish to sell your home quickly. I too think it is time for a sit down with the real estate agent you are dealing with presently. They most likely have put alot of time, effort, energies and monies into the process already.
Selling a home is a team effort, not only team in the selling office but team with the seller and their agent.
We have no idea as to the home you are marketing from your question and what your competition is. Maybe it is a unique property looking for a very specific buyer - who do you and your real estate agent see purchasing your home? Are you marketing to the masses or is there a way to target this specific type of buyer?
Is your home easy to show? When potential buyers wish to see your home - are they allowed access within a reasonable time? Is there good flow to the space? personal properties and clutter removed to make the home as spacious and inviting as possible?
People sometimes laugh at the idea of staging a home, but in this competitive market we have to touch on all the senses, not just the visual but all of the senses - nice soothing music in the background, aromas which are pleasing....it all falls into place. And when we have the additional stresses in our life you mentioned it is sometimes difficult to focus on these areas, your real estate agent can help here.
But most importantly how are you priced regarding your competition. Financing is difficult and the difference of $5000 could be the difference in a potential buyer looking at your home. Look closely at the homes in your area in your price range which have SOLD - how does your compare? Honestly which home would you buy and why?
Before changing real estate professionals please discuss a possible change in the approach to selling and presenting your home. If you truly don't feel you are being properly represented then begin your interview process with other agents utilizing the touch points you feel are important to your specific sale process.
Should you need professional assistance with the negotiating with your current lender to either stay in your home or to process for a loan modification or short sale please give me a call, it is an involved process when you try and go it alone. I can help you with the process.
I'm sorry to hear you are having a hard time with this - it sounds like a very stressful situation.
It also sounds like you are a short sale candidate. If you would like to know more about the short sale process, please let me know. We have a team in our office that specializes in short sales and we have a high success rate.
I hope business picks up, best of luck.
Hope that helps,