You could try to sell it at breakeven price. Mortgage plus all expenses. But, the biggest problem is that even if you get an offer for full price, if buyer requires financing, appraisal might show a lower price.
In FHA financing the sales price is protected and if property doest not appraise sales price, purchase contract is canceled.
In a conventional mortgage, lender, to my understanding, will lend under the appraised value not under the sales price.
Another option is, set it at current market value and bring the difference at closing so credit is not damaged.
It seems that the smaller one is a rental, check with your accountat the tax repercutions of selling such property in Short Sale, wich is your last resort. It might show up on credit report as a foreclosure.
Buyer's agents work for the buyer and have no responsibility to you. They will do the buyer's side of the transaction, but you will be responsible for your paperwork. Do not expect them to do if for you. They are being compensated for bringing a buyer to the table, just like they are if your home was listed with a Realtor.
Yes, you might save some money being a For Sale by Owner, but seeing as your home is valued over $500,000, it is going to take a little more in this market than just throwing it up on the MLS. I truly believe you get what you pay for. If an agent is so willing to auction off his commission, then he will be just as willing to auction off your list price as well. I have never heard of the site you mention, nor ever met an agent in the area who participates. I myself would be a little wary taking a bid from an agent online who has never seen the inside of my home.
If you have no faith in your agent, then maybe you should speak to an agent who knows how to market more expensive homes. Divorce situations just add that much more to the mix than a normal transaction.Good luck with your decision!... more
I think you can list your home for sale on Trulia. I would suggest interviewing 3 Realtors 1st. Realtors have access to sold data, that you may not have access to, this is a critical part of pricing your home correctly. I would certainly help you with this if you choose to go that route.
Jim: I think in your case if you think you may not be able to get full payoff on your mortgage it would be best to sell your house first and then go looking. You can choose what closing date you want and if you put it 45 days out for your sale you can probably find a home that you want in that time frame and close on both the same day without any hassles.... more
The only source for a definitive answer is your lender. If the lender says there is nothing that can be done, and your situation is one of want, rather than need, time will get you where you want to go.... more