Don't worry you are not alone. In fact 1 out of 4 people are under water across america, some as bad as 1 out of every 2 homes in some communities. A lot of people are suggesting a short sale. Here is a blog i wrote on the topic.
I am not really sure of your current situation with the home but where there is a will there is a way. You have options. I will be more than happy to assist you. Take a deep breath, every agent that has answered your question is here for You especially me :-)
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
if that is the case, there is other alternatives, we need to do an analysis of your case to find out.
I'll be more than happy to help.
Here is my contact info.
Tejano Realty Services
You might have enough equity in the home to cover your closing cost (8% of final sales price is a good average to work on for what your "closing cost" will be) and it will be deducted from your proceeds.
Another thought is to set a very attractive low price and have the buyer pay your closing cost. Not typical, but possible.
If you think you are going to be in a "short sale" situation, you would need to start speaking to your current lender as they will have to review all of your current finances to see if you qualify. You will have to prove you are truely in a distress situation to them or they will not allow a short sale.
You simply need to sit down with an experienced Realtor to go over the rough numbers. I would be happy to do this right over the phone. No charge. Email or call. Information is power!!
Depending on your situation there will be options. I am a certified 'Short Sale / Repo / Foreclore" agent. My name is Kathleen. I don't want to discuss your circumstances on the net. If you would call me at (281) 799-4002 or email me at KathleenRealtor1@gmail.com I would be able to give you some guidance. Don't wait because the longer it takes YOU to act the more time you've lost in setting things up to solve the concerns you have.
Good Luck, Kathleen (281) 799-4002
You may be in what we call a short sale situation.
If the sales price and the equity you have if any don't match what you can get.
If this is the case we need to get you in touch with an experienced short sale specialist in
your neighborhood to help walk you through the sale.
Keller Williams Realty
A short sale is when your lender gives you permission to sell your home for less than you owe and they settle the debt for whatever the proceeds minus closing costs are. Short sales can be complex, lengthy transactions so you want to be sure to work with a short sale certified agent such as myself who has experience with theses type of transactions.
Give me a shout if you'd like a free consultation to determine what your home can sell for and what is the BEST option for your situation. I'm a Houston-area agent.
281-948-2528 Angelia McDaniel
1. Do you have equity or no equity?
2. Are you behind on payments, taxes, etc?
3. Why do you "need" to sell your home?
4. How much money do you feel you need at closing?
5. Have you considered alternative routes such as leasing, owner financing, etc?
Remember, a short-sale, deed-in-lieu, or foreclosure should be your last options, not your first.