I'm not sure whether you have already bought or in the process of buying. Most of the bank owned listing price is lower than the market price so it is common to see that it sells for higher than the asking price. As I said that you need to ask your agent to show the comparable solds in that area which is similar to your property, which can give you an idea whether you are paying high and getting it for lower price. The final decision to write any offer should be your price, not the agent. Agent can suggest the price but you dont have to agree on that.
So, ask for comparable sale to check whether you have paid higher price or market value or lower than market value.... more
A short sale is an option for your situation. You MUST find a short sale specialist in your area. It is very important the agent prepars the file in advance to accepting an offer and submitting it to your bank. If you hire an agent that does not fully understand the process it will be a huge mistake. Ask the agent how many short sales they have closed successfully and verify with the acting broker of the real estate office. IF you can successfully close a short sale instead of foreclosure it will be a better solution for your problem. Check with your accountant on the tax implications involved in a short sale.... more