Hi Kgir,

It's been a while and I am just checking to see if you have had any luck selling your home. Please update and let us know how you are doing.

If you are still in need of some assistance, I may have found a solution for you. Feel free to give me a call. I certainly hope that you have had a breakthrough by now though.

Brenda Mullen, ABR®
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

Hi Kgjr,
This is truly an upsetting and scary situation. As a military wife, I know how this feels. I seriously believe that military families need more assistance than what is out there, especially with these situations.

Here are your options, as I see it.
You have a Realtor already so talk to your Realtor about what she suggests. Since your home is getting showings that means he/she must be doing a good job.

The rental market is doing really well right now so why not find a good property management company to rent it out for a while? Many of my friends who were PCS'd out, have done this and they are so relieved. Property management companies will find you well screened canidates to lease your home.

FSBO is pretty challenging so at this point its probably not the best option.

There are some agents that are very good and that will discount thier rates. Be careful though because some these agents are very limited in what sort of advertising that they can do. It's a myth that good agents don't discount. There are some good agent out there that do ony for military families. I really wish you well.

If you need some help, you can alway reach me via cell or email.

Angela Tharp, Real Estate Agent and Proud Wife to Staff Sargeant Tharp
RE/MAX Access
210-380-2370
atharpest@yahoo.com
tharpsearch.com

You will absolutely need to cough up all the cash you contractually owe the bank in order to keep your credit from being destroyed.

Or....you can simply walk and live without credit for awhile.


One or the other.

I am a Real Estate Investor here in San Antonio. We have been here for 3 years now and have bought and sold nearly 120 homes in that time. If you would like to contact me at 210-462-7420, I am sure that I can help you resolve your problem.

Thank You,
JAMES HARTLEY

Hi Stephanie,

I am glad to see that you were able to sell your home with as little pain as possible. Your situation did seem really brutal.

I see that you are on your way to San Antonio and I am guessing you are probably exhausted with the home buying or selling process :o). However, if you do need any assistance buying or renting a home in San Antonio, please don't hesitate to call. Take a moment to check out my website and search on the IDX. There is no obligation and you don't have to register, just peruse around to get some information about San Antonio and the surrounding counties.

Good luck to you and best of wishes on your closing on Aug 5th!!

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

I am not a realtor but I am in a similar situation in FL... however, losing $4000 would be a dream vs. the 50,000 we are going to lose : ) Not to minimize your loss at all, but the sitiuation here in FL is brutal. I had been researching ideas for how we will be able to get out of our home without destroying our credit and one thing I came across was the Military Housing Assistance Fund. It is a nonprofit that gets its funding from corporate sponsors. It was originally formed to assist AD military with buying homes by providing free grants to pay all your closing costs. (Wish I'd known about that when buying my current home!)

However, with the downturn in the real estate market and the current economic climate, they are trying to assist people in selling their homes as well. They have just (in the last month) created a website where military members can list their homes. They have their own network of realtors that you can list with or you can chose your own. Either way, you can list on a website that they have created. Also, they are providing a grant that will pay the buyers closing costs, whether they are military or not, I believe. That would provide huge incentive for someone to buy your home vs. another.

The guy that I have dealt with there has been incredibly helpful. His name is Errol. I e-mailed my situation to them and he immediately sent me back a very kind and personal reply.

I was already in a contract with a Realtor and did not end up listing my home on the MHAF website but it seems something worth looking into. Any little thing in this market helps.

Their website is:
http://www.militaryhousingassistancefund.org
phone # is 720-932-8049

If you click on the contact page and type in your question they get back to you very quickly. The website doesn't have a whole lot of information so my guess is that if you are interested it would be best to talk to someone directly.

I can totally feel your pain. It is so stress producing and I hope that you get a solid offer soon! It does happen... after feeling like our home was unsellable ( it had been listed once before for almost 6 mos. with no serious offer) we are now under contract after 45 days and are scheduled to close August 5th. I attribute it to having the right Realtor ( she very aggressively marketed the house... to the point of cold calling our neighbors to see if they knew of anyone moving into the area that might be interested in our home) and setting the price right... as painful as that was. We also increased the buyer's agent commission by 0.5%

We are now on our way to San Antonio free and clear of this house (assuming closing goes as planned). It's such a good feeling. Now we just have to build our kids college accounts back up after taking that $50K hit!

S. Jones
Rockledge, FL

Hi Kgir,

Just checking in. Did you get that offer as yet? Here is wishing you luck!

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

T OB,

It sounds like your Realtor is doing a great job, and he may be doing you a favor.

As a 10yr. Veteran myself, I've done my share of relocating around the world, and I may have more to come :) (AD Spouse) I can relate to your situation, believe it or not.

If you could price your home below the competition and still make a profit, you would expect to pay a lesser commission, right? Circumstances vary, and so do commissions; that's all. What may be good for one seller, may not work for another.

However, (from a business point of view) when something sounds to good to be true.. Well, you know the rest.

Just words of advice; nothing more, nothing less.

Sincerely,
Randy

Well,

First of all, good luck with the offer. If nothing happens I look forward to hearing from you. In the meantime check out my website and see how I do my listings.

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

Brenda,

We are currently waiting to see if an interested party from last week puts in an offer. I don't know if it will happen since this couple looked at the house in Apr and then disappeared. If nothing happens by the end of the week we are going to terminate the contract with our current realtor and talk to other realtors before making a decision. We may give you a call depending on what happens.

We've done as much as we can ourselves to make the house marketable. Unfortunately it has been difficult to get together with our realtor and that is part of the reason we are looking to terminate the contract.

You have a beautiful listing and home. I wish you a lot of luck :o)! Yep, Army Medic for 21 years and I am very proud of that :o). It isn't such a small world here in San Antonio though, you can find a lot of us here :o)!

Hi Randy,

I know what a lot of Realtors say about Discount Realtors and that if they can't protect their own money and all the rest of the stories.

The problem is, is that a lot of military families are in a situation like these two sellers. They are truly coming out of pocket a lot of money. I think that if they find a Realtor that is willing to work with them, then it can be a Win-Win for all parties.

As I said earlier, the commission I charge depends on each situation. If I do it for less, it's generally because the seller doesn't really have a choice. It's a tough economy these days and sometimes even tougher for our Military men and women who need to pick up and move at a moments notice.


Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

Hi T,

There is no set commission in this business, however 3% normally goes to the Buyer's Agent.

Just like any other business, you honestly get what you pay for.
Maybe your home might be easier to sell than the other thousands of homes in your area, but that doesn't seem like the case. Every circumstance is different, like Brenda mentioned.

The bottom line.. If a Realtor can't protect their own money, how quickly will they buckle when the time comes to negotiate for you.

Sincerely,
Randy

By the way, what's your MLS number? I'd like to check out your home! How long has it been on the market?

If KGJR needs some assistance, I would be happy to help her out as much as possible.
I would agree with you that FSBO is really not the way to go, (and that's not just because I'm an agent!). It requires a lot from the sellers and not knowing whether your buyers are serious or not has got to be difficult. Not to mention having to be available all the time to show your home :o)!

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

Hi T,
I can't really say in this forum. It usually depends on the listing and each individual circumstance. You can check out my listings on my website. All three of mine are military owned homes. Let me know what you think :o)!

Brenda Mullen
210-807-0819
brenda.mullen@sbcglobal.net

Hi again T,
First and foremost, I need to ask you if your Realtor knows you are listed as an FSBO? If her Broker Keller Williams has an Exclusive Right to Sell, you may be breaching your agreement with her. Please check that out.
Additionally, are you absolutely sure that she is only charging you 2 percent? Or, is she perhaps charging you 4 percent. Usually when a Broker lists a home, the commission is planning to be split between 2 different Brokers, (the listing agent and the buyers agent). I find it a little hard to believe that your agent would only charge 1 percent and give the other agent 1 percent. That would most likely cost her money to sell your house.
I am a miltary friendly Realtor as well; however, there are certain costs associated with listing the home. Please check out your agreement and again, if you need any information or help, please feel free to call me.

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

Hi Kgjr,

It seems you have received lots of advice on this topic, including my own.
Just curious, have you used any of the advice?

I'm sure everyone would love to know if you are doing any better.

Sincerely,

Randy

Kgjr
Well your situation looks exactly to a tea as ours! We are near RAFB so hopefully we will sell without to much headaches. We are going to be staying with family for about 3-4 months while my husband finishes out here. So I look at it like this. We sale the home in 2-3 months worst case we are out 5K depending on the loan type of the buyer.
Say we sell in 30 days I still have time to save up our BAH (kickin my husband to crash on his buddys couch), plus electric, water, all those extra things we shuck out as homeowners. In the end I am not really upside down anymore than if I had sold at all. Prob better considering the amount you pay in interest. So ya we loose a lil money now but its better than 6 months later when we are making two house payments and I know we cant rent it for what our payment is
Wish you the best of luck and keeping the prayers going for us all!
T

If your Realtor thinks you will get an offer in the 150's, then that is probably where you need to be priced at. Pricing it at 160 and hoping for an offer is probably not going to work. How does your house compare to others? What is your competition? 123,000 to 187,000 is a huge gap so that tells me your CMA involves a lot of areas or subdivisions. Are you located in a subdivision that is still building? If you are, then you are competing with the new builders who can offer clients things like appliance packages, landscaping packages, closing costs, etc...
You need to sit down with your Realtor, look at your pricing. If you got a lot of traffic and your feedback is good, then it is probably the price. I know you probably don't want to spend out of pocket, but over pricing the property is not going to get you any takers. Once you get it priced right, with the right marketing plan, it's probably sure to sell. It's summertime and there are all kinds of buyers out there looking for the right place to call home. And going FSBO is a lot tougher than you think.

Good luck and if you need anything, my contact information is below.

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

T OB,

We've been on the market since Feb w/ a realtor. We had a lot of showing except for the last 3 weeks. We haven't had one showing. We've been thinking about trying FSBO and using the militarybyowner.com site. The main problem with that is being available for showings. My husband is assigned to Lackland and I work out at Randolph and it would be hard to get away to do the showing. My husband is headed to Korea (me and the kids headed to Delaware) and since his unit is going to be all civilian he cannot come back here after.

To answer some of the other questions, houses in our neighborhood are priced anywhere from 123,000 to 187,000. We are priced at around 160,000. Our realtor thinks we'll get an offer in the mid-150s but when asked about options/thoughts we don't get much help. We painted, cleaned carpets, keep the house picked up and let in as much light as possible in. Feedback has been everything from house shows well to beautiful home to very well maintained. Most buyers have decided to go with new construction or a home closer to Lackland. We've looked at new carpet for the house but that's $4,000 we don't have. We've discussed the option to rent, but we won't be able to cover the mortgage and property manager fees with the rent nor can we afford for the house to sit empty and pay for another home at the same time. It's very stressing and we don't know where to turn.

Well I am glad to see that you have decided to list with an agent and that they have decided to help you out a bit with the commission. I also am doing the same thing for some of my military clients. I personally just retired from the military a little over a year ago and I know how difficult it can be to up and move at a moments notice and to sell a house at the same time. I wish you luck and if you need anything, my contact information is below and have fun in Alaska!!

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

Hello T OB, I'm sure if your agent prices it right, you will get it sold, I'm finding listings are getting a lot more inquiries and showing requests, and that's a good thing. Again, I wish you the best of luck! Don't get frost bitten up there in Alaska!

We actually started with the FSBO route, but time is crunching now so we are getting ready to list with an agent that is willing to do it for a deduced commision. Thank Goodness or we would really be upside down and inside out!..Plus the children and I are leaving for a few months so I wont be here to deal with stuff and my husband works 80+ hrs a week so he definitly doesn't have the time. I am just ready to let someone else do the dealings for us. We have had alot of interest...but the serious buyers (prequal) seem to be with the agents so thats another reason!
T

How long has your house been on the market T OB? Are you getting a lot of traffic to your home? Has your Realtor advertised on the various miltary posts? It looks like you are probably located in a good spot for Military being either close to Randolph and FT Sam Houston, TX. Hopefully your home is priced reasonably and it is prepared for showing. There are a lot of buyers during the summertime. I hear Alaska is COLD :o)! Beautiful though.
Again, Good luck!

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

Hi T OB,

I like your idea of the Military Swap Houses program! That would sure come in handy especially in today's market! Maybe you are on to something...

Hang in there! I wish you all the best of luck!

Sincerely,
Amanda P. Herring
Realtor-Broker, ABR

Hi T,

I know it is difficult for military families sometimes. As retired Army, I can also sympathize with you. I think that you are correct that sometimes it is better to take the hit now, so to speak. Hopefully both of your homes are priced correctly and you are getting a lot of lookers :o)!
I wish you both the best of luck and a speedy sale :o)!

Brenda Mullen
Home Team of America
210-807-0819
Brenda.mullen@sbcglobal.net http://www.findurwayhome.com

Hi
We feel your pain we are a military family as well getting ready to PCS soon and we are in the same damn boat! Out of pocket as much as 5k...if not more....But look at it this way...The sooner you sale the sooner your out of that huge debt! We would much rather take the loss now than a year from now when renters have trashed our home! Hang tight we are all in the same boat and all just as frustrated. I was in tears and pretty upset with the situation but we gotta do what we gotta do! We don't qualify for the HA program either and we thought we were going to be here for 4-5 yrs...didn't work that way at all.
I wish we could find a site for military only that could list our homes for sale and do some swapping for those of us transfering! Maybe we need to start one!...lol...your in our prayers as is everyone in our situations!
God Bless and Good Luck!
T

Hello Again,

For the short sale, I don't think you necessarily need to be broke. You will have to show to your lender; however, that keeping the house will cause you significant hardship. Because you are in the military, this may not be hard to do. Most lenders realize how difficult it can be to maintain two households.

Additionally, you will have to show your lender that you have tried unsuccessfully to sell your house at the Comparable Market Prices and that market trends are showing that you will not be able to do so. Your Realtor will need to do a thorough CMA to show the lender. Short sales can be a lot of paperwork; however, it can be well worth it in the long run. Remember that just because a home is approved for a "short" sale, it does not mean it's quick. Alhtough, you the seller have some say so, the offer will eventually go to the lender and they will have the final approval authority, (that could take a while if there is multiple offers). Call your Realtor and call your lender. They should both give you enough information to get you started.

Once again, lots of luck.

Brenda Mullen
Home Team of America
210-807-0819
brenda.mullen@sbcglobal.net

In addition to the great suggestions by the group, is there a possibility of refinancing the house for a lower payment? If not, the rental market may be stronger than the selling market where you are, so you may ask your Realtor for direction. Good luck.

Hi Kgjr

Sorry to hear of your situation. I am retired military and work with many military folks, active and retired. These things do happen and you must make the best of it.

The advice thus far is good. If you cannot sell now, then becoming a landlord and renting your property for the short term is a good option. When the market improve, you can try again.

While we cannot intrude on your business with your real estate agent, we can make suggestions. Are you sure the home is priced right? Are you sure the home is in the best condition possible for showing?

What are the comparable prices in your neighborhood? Are you the lowest or highest?? How long have other homes taken to sell?

Hope this helps. If you do decide to rent, find a good property manager to take care of your house while you are away.

Best wishes,

Dominick Dina, Broker/Owner
(210) 273-9082

I'm sorry to hear about your situation.

What has been the feedback from people coming to view the home? Price can fix anything, but maybe it is something outside your control. Ask for feedback!! What will take for them to make an offer?

Do an honest analysis of what it will cost you not to lower the price, and PCS with the home in your name?

You next option might be to Lease it, with an option for them to buy in the near future. This way you can have rental income to help cover the mortgage, giving you a little more time to plan.

There are other options out there!!

ask your Realtor if they have a Short Sale Specialist in their office. I mean specialist not some one that sold one. If they don't find one and ask to re relieved of your listing to change. Make sure you find a specialist - someone that had successfully handled the selling end of more than 2.
Most honest Brokers and agents will let you out of a listing - maybe for a referral fee- if they can not assist you.
If you need more assistance please contact me, I can not handle this but I can help you. You should be eligible - that is unless you have a substantial savings, if so you are not eligible, you must me more or less broke.
Margaret

Hello Kgjr,
Sorry to hear about your situation, unfortunately it's becoming more common. Has your Realtor informed you of other seller options; i.e. seller financing, or VA assumables. This is where a person can assume your current VA loan (if they are eligible) and you then free up your entitlement for the next time you decide to buy in the future. Also, you may have to look into becoming a landlord until the market opens up for you and you have some equity in your home.
I hope this helps.

Hi Kgir,

I am retired Army and I also have a lot of military clients. Unfortunately, you may not have a lot of options. In this current market, you need to have your house priced just right to bring in those buyers. Price, location and marketing is what will ultimately get the job done.

Additionally, in todays marktet, houses are staying on much longer than usual. With the massive inventory out there, buyers have a lot to choose from. Your house has to stand out in some way. Does your home feature a virtual tour? Is it on every search engine available? Do you have it up at post, (whichever post you are on)?

You may be able to apply for a short sale through your lender. It sounds as though you will be approved for something like that. Just talk to your Realtor about those options.

I wish you nothing but the best.

First of all, you must have your home priced right and in great showing condition in order to get it sold in today's market. I would get with your realtor and look at the Market Analysis to make sure that your list price is realistic. Also, find out what kind of feedback your realtor has received from the showings. Is there anything you can improve on as far as the condition and/or appearance of your home. At least you are getting a good number of showings, so maybe a little patience is necessary. After all, you only need ONE buyer!

If after looking at the current Market Analysis and being honest about the price, if you find that you need to reduce your list price perhaps your lender would consider a short sale. This is where the lender will absorb some of your loss. Another possible option is to get a small loan to pay off your loss at closing.

The main thing is to have a one on one discussion with your realtor to determine what you need to do!

I hope this helps. Feel free to contact me if I can be of further assistance! Good luck with your home sale and relocation!!

Amanda P. Herring
Realtor-Broker, ABR
(210) 771-8608