If you do a short sale the bank will pay all the fees and usually waive the deficiency.
Feel free to call me to discuss. A consultation is 1,000% FREE and the short sale service is also free.
Realtor @ Charles Rutenberg Realty
Serving Chicago and Suburbs
'Helping Sellers of Short Sales Throughout Chicagoland'
Maha, You answered you're own question when you said you NEED to sell within the year. Although you can sell your home on your own, your desperation or "Need" will show to clients unless you have an excellent poker face throughout the entire transaction. That aside, real estate agents have access to a larger pool of clients, tools and resources than you. Get the assistance of an agent, you're first drop in price selling on your own will cover the amount any realtor will charge. Sure you can save a few bucks selling on your own but unless you want to undergo the added stress, especially in a declining market of selling your home on your own in addition to planning a wedding, I'd probably leave the job to the pros to handle.
I can give you some added security against listing with an incompetent agent even though I'm in another state. I can help you pick an agent and send them your info as a referral if they agree to accept my terms in order to list with you which will include the ability for me to pull the listing from them if you are ever unhappy with their services. Call me to discuss these options if you haven't sold yet on your own. There are some advantages to using a "middle man" if it won't cost you anything extra.
Seeing this post was made almost a year ago, I'd like to hear how it turned out for you, what you ended up doing and how the wedding went?
Cheers, God Bless and Much happiness...
Toll Free: 1-866-745-4622 Ext.302
I'm not a real estate agent, but I do know that homes sold with a real estate agent typically fetch higher prices on average, so listing might make the difference that keeps a little more money in your pocket. Another thing, make sure your condo is absolutely pristine and clean. Remove clutter, do minor repairs, touch up paint, and have your agent do professional-style photos as opposed to the cheesy-looking snapshots so often seen on the MLS. I would explore staging as well. Staging and professional photos might help you get a higher price. If you have great photos on the MLS, it will help you attract far more traffic to your condo. You never get a second chance to make a first impression!
Best of luck!
As a lender I don't imagine you are getting many Realtor referrals! Perhaps you have had a bad experience but you should never, especially as a lender, knock the services of a qualified professional realtor. I've run across plenty of incompetent (if not shady) lenders over the years but I would never run down lenders to a client, I just make sure they use a reputable and professional one with great references. Many lenders that I have worked with over the years have thanked me for helping them get the job done and in a few cases, it probably wouldn't have happened at all without my efforts. A good lender recognizes the benefit of a professional pro-active realtor. I wouldn't refer a client to you if you were the last lender around, so its a good thing we're not in the same area!
ps strange that you don't see a lot of responses from people who successfully sold FSBO answering this question??
There are a few down sides to a short sale including a possible lowered credit score and a problem re purchasing another condo in the future. Remember though, if you have to come to closing with $30k to $40K (that you do not have) to sell your condo in this market, this may be a wise decision.
This decision should be based on what the numbers say after you subtract the sales price you can realistically get, minus the commissions, minus the closing costs. Also, and most importantly, you must be a candidate for a short sale. If it is close, like $5 to $10 k and you can come to closing with these funds somehow, then a short sale will not be worth the time and possible future credit ramifications.
If you'd like to discuss your options I'm here to help.
The majority of homes sell with a Realtor, thats because it's typically the path of least resistance. Why not put your home up for sale by owner. Give it a month, I've sold many homes over the years with and without a realtor. Lots of times a someone down the street may see that sign and buy that home right away. If your home is still sitting there in 30 days list it. The main reason to list is that you will reach many more buyers via the MLS (the place where realtors go to search for homes in an area). All the other crap realtors do is just fluff, open houses, advertising, etc. . . . they do these things to 1. make you happy, 2. attract buyers (statistically the buyers they attract will not buy your home, but another home with the agent will get paid on)
Most homes sell with an agent and because the property was listed on the MLS, no other reason.
One more thing for what it's worth. . . there is value in having a 3rd party help negotiate, mainly so they can talk some sense into you the seller who is emotionally attached to the home!
Of course you can! Begin by finding out how much your home is worth by looking at similar properties that are for sale in your area on websites like Trulia. Then a great way to start the selling process is by informing everyone in your condo that you plan to sell. Neighbors are a fantastic source for leads! If your condo rules allow, many times your direct neighbors take advantage of the opportunity to make thier units bigger by purchasing yours and breaking down the walls between them. Additionally, other neighbors usually know of family memebers, friends or co-workers who may be interested in puchasing in the building. Set a time frame to sell your condo yourself, and if nothing comes to fruition, then hire a Realtor.
1. Find yourself an experienced realtor who has successfully sold condos in your complex and have him give you the sold comps. Price your condo accordingly.
2. Take or pay someone to take lots of high quality photos of your place, after you de clutter it.
3. Build a property website, there are lots of resources on line where you can do this.
4. Advertise with flyers, newspapers, post in the community center if you have one.
5. Host a couple of open houses and see who comes.
Now comes the important part. No matter what anyone puts in front of you, do not sign any contracts. Have their attorney send you an offer, which you can review with your attorney before signing.
You might get lucky and find a reasonable person who really wants to get into the complex and will pay a fair price, maybe splitting the realtors fee with you so you both win. You might get an agent who is working with a buyer but you'll have to pay them their side of the commission.
Most likely, you'll get a bunch of time wasters and "bottom feeders" who want to save the entire commission (they figure they're doing all of the work to find you) so you'll be no better off and, more importantly, you'll have wasted a bunch of time.
I have personally bought and sold lots of real estate over the years and can tell you from experience that a good realtor is worth the fee. A bad one is worthless.
Second - I would strongly recommend getting a real estate agent or broker involved. I am not in your area but too often I see people try to sell it themselves and the first thing a buyer does is discount their offer since you aren't using an agent. Then you get the same money AND lose the intelligence and skillset of a pro on your side. That is when repair issues come up, costing you more money, HOA transfers, etc.
But ultimately, the decision is yours. But next time your car needs service, you probably won't trust yourself with it because you really don't know all the ins and outs. So why do it with Real Estate where the mistakes and expenses can be much higher?
Look at it another way: You have a perfectly good diamond necklace you want to sell. It has never been out of the box since the day you brought it home from the fine jewelry store. Do you think you can sell it for the retail price at a yard sale?
A professional Realtor will not only reduce the amount of work you have to do, and help you to reduce your risk of liability, they will also help you net more money than if you tried to sell the property yourself.
There are so many aspects to the sale of a property that impact the sale, 'other' than the Realtor's commissions.
You can list with an agent.
You can do flat-fee MLS
You can list with a discount agency (ala Redfin)
You can list with a full-service agency.
You can list with a full-service agency, and see if you can negotiate their fee.
Research carefully. You won't know, what you don't know... until it's too late.