If you need to sell your home and your home value is less than what you owe, you sound like a good candidate for a 'short sale'. Many banks are willing to work with you to allow you to sell your home 'short' of the amount of the mortgage. I have sold many homes in this situation to buyers and have helped many homeowners sell their home in a 'short sale' to avoid foreclosure. It can take anywhere from a couple of months to many months to close on the home depending on the lender who is the mortgage bank. It takes a lot of patience and a good Realtor who has experience working in this sector of the real estate market. Best of success in moving forward with this. One place to start with getting the answers and info you need is to contact the Colorado Foreclosure Hotline - http://www.coloradoforeclosurehotline.org/ . This is a free service to get you started.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
The process of a short sale is usually longer, and buyers who want to move in as quickly as possible may not want to consider a short sale, others who have time and are looking for a good deal may
make an offer on a short sale...
The Realtor can only advertise it and market as best as possible, the right buyer still has to come around and the bank has to accept the short sale amount or stipulate what they would accept....
Connect with a Realtor who has short sale experience, so that you get good advice.
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
Selling the home is not typically the problem, either the seller having the funds to make up the shortfall or getting the lender on board with accepting a short payoff (short sale) is.
A home has a real value regardless of what is owed. If it's worth $250,000 it doesn't matter if you owe $300,000 or $150,000 if you price it around $250,000. It won't sell for more because you owe more and even if a buyer was willing to pay more, their lender would limit any loan to what the appraiser says it's worth.
If you have the funds to make up any shortfall, hire the best agent to market and sell your home. If you don't hire an agent with a track record of closing short sales and prepare for a longer adventure.
Best of luck however you proceed.
What you are talking about is a short sale and is done quite a bit in today's market. Many of agents have been through an extensive short sale training and would love to help you out of your situation. A successful short sale depends on several things: cooperation from the seller, cooperation from the bank (lien holder), Realtor's persistence, experience and negotiating skills. My partner and I have recently had several successful short sale listings and we would love to be of help to you!
Call or email me if you would like more information. Or you can read up on the short sale process on my website http://www.marinajensen.com/Denver-Short-Sales_Short-Sale-Re
Cherry Creek Properties
303 908 9117
Check this out for more detailed information:
Feel free to contact me if you'd like to discuss specifics!
Call us and we can see what the best option for you is
The Wisdom Real Estate Team