Bernard
Homes are selling in your area. According to Trulia (see link) over 100 homes sold in the last three months. So the problem is that YOUR home is not selling.

It is a buyer's market. There are more homes for sale than qualified and motivated buyers. So you need to know your options. Pricing a home is not based on how much your owe, how much your paid, or how much you need to net. Buyers buy the best deals first, and leave the rest.

When I list a home I expect 10-12 showings or one offer in the first two weeks, or we adjust the price. Listings that sell in the first 30 days sell closest to asking price. In my MLS, right now that is 100% of asking price, which drops to 93.6% of asking at 120 days.

So you need to know this:
How many homes, since your home hit the market:
1. Came onto the market
2. lowered their price
3. went into escrow
4. Sold
5. Expired.

Tell you Realtor that you need to sell. If the price at which your home will sell is less than the amount to pay the costs, then you have three options:
1. Try a short sale - must prove financial hardship
2. Ask for a loan modification (explain why you cannot pay the mortgage) so you can stay in the home
3. If you need to move, you can lease it out (talk with a CPA)

Only as a last resort give it back to the bank. If you need a referral of a top Realtor I can provide one.

Good luck

Before you blame your realtor for not doing a good enough job, I think you should make an independent effort to determine your home’s market value. Knowledge is golden and it’s difficult if not impossible to make a decision on the sale of your home without knowing it value. An appraisal will allow you to determine if the equity in your home is greater then your mortgage. For example: If an appraisal determines your home is worth $100,000 and the mortgage on your home is $80,000 that leaves you with a $20,000 equity position, under these circumstances it would be foolish of you to give your home back to the bank. You have the option of varying the listing price of your home within that $20,000. You can do this by simple having your home appraiser by an appraiser who is not affiliated with anyone currently involved in the sale of your home. If you need a referral you can log onto the National Association of Independent Fee Appraisers website at http://www.naifa.com they have a list of qualified appraisers that I’m sure would be happy to assist you. If you have any problems locating an appraiser please contact me and I’ll be happy to make a few calls for you. Good Luck.

Bernard,

The number one reason a home does not sell is PRICE. Regardless of what type of market exists....even a dump will sell if it's priced right.

Regarding letting it go back to the bank.....sounds easy enough but we recommend that you understand the full extent of taking these measures. Most people going this route do not have the facts. Explore this question....is it possible that the lender can come back on you after repossession, for their lost funds?

Good luck,

I am also thinking of just letting it go back to the bank because I just can't afford to pay for the mortgage anymore.
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From this statement it sounds as if you may be overpriced, and their is nothing your realtor can do to change that. Only you control the price. Listen to Christie (first poster). She is right on.

Ask your realtor what is the average days on the market homes in your area. If you allow home return to bank foreclosed your contract is null and void bank new owner for property. However foreclosure will have damage to your credit perhaps make attempts for short sale, deed in lieu of payment , reduction in your mortgage. Prior foreclosures, banks are willing to work with families.
http://www.lynn911.com http://www.homes-for-sale-dallas.com

I would ask for a meeting with your realtor to go over your options. If you truly feel the realtor is not performing, ask the realtor to be released from the contract. If you let it go back to the bank than that is an option too.

Have you explored the option of a short sale ? Most realtors do not think of this option as it typically can be the BEST option for a seller who is underwater and potentially be foreclosed on. Which also makes a property a tough sell potentially.

Good luck ! For more helpful hints, visit our website below.

Bernard,

Unfortunately this market is mandated only by price. Right now it is a race to the bottom. There are so many short sales and foreclosures added to this already "saturated market" daily. You have to be the best deal in the area because there is so much to choose from! Talk to your agent and ask them to do an updated Comparative Market Analysis. A Foreclosure will hurt your credit so much more. Be honest with your agent as to your financial status and hardship. Talk to your lender if you do not have to sell now. They may negotiate with you. Ask your agent whether they are schooled on short sales. If not talk to your agent to get released from the listing contract or to refer you to a short sales agent. If I can be of any assistance or you would like to talk further I may be able to help you find someone schooled in short sales. Best of luck to you.

It's A Great Day To Buy Southwest Florida Real Estate!
Thanks And Have A Great Day!
Christie
Your Different Kind of Realtor
941-875-3887 Direct
800-955-3540 Toll Free
http://www.CCLists.com
Christie@CCLists.com
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