Scott Godzyk

You should have your listing broker provide you with a BPO of what your home is worth in todays market. It will show you what similar homes have sold for in the last 3 months and what similar houses are selling for in your area. Price point is huge in this market and especially more in some areas than others. Once the price hits a point that attracts buyers it brings back to the old saying a house is only worth what someone is willing to pay for it. As far as your short sale, a short sale can take 3 to 6 months, It is not quick and can require daily phone calls to teh bank to get updates and get things done. you will want to make sure you fill out the appliactaion for the short sale quickly and accompany it with your proof of need of a short sale, a letter of your financial situation, bank statements, pay stub and a bpo or appraisal of your home at the price you are trying to sell it at. As well the listing broker will fill out the net sheet which shows teh bank what they will receiv after costs of the sale and a propesed hud from the buyers closing or title company. Then you will have to stay on the bank to order an independant appraisal or a bpo on the banks behalf. Good luck with working things out and getting your house sold. - Fri Jul 3 2009, 06:48

Good Morning Justin,

Brenda put it all out there for you... She did a great job... Finding a buyer is the first step, getting them to put in an offer that is acceptable is the next. A good listing broker will have a sales plan they utilize to bring the most possible people to your home and get the best possible offer in the quickest amount of time. basically finding a buyer in some cases is the easy part, it is keeping the deal together, a good listing agent will assist you in making sure the buyer is pre approved and assisting through out the mortgage process to keep you updates, they will assist you with the home inspections and appraisal and lastly assist you with the closing docs and settlement statement to make sure everything is correct and gos smoothly. Good luck with the sale of your home. - Fri Jul 3 2009, 06:42

The best way is for your to contact your lender immediately. Ask for thehome retention department. Tell them your scenario and ask what they can do to help. You do not need to pay anyone where you can do this yourself. If you have the ability to make any sort of monthly payments ask them about a loan modification of forebearance. If you have no ability to pay ask them about a short sale and if all fails ask them about deed in lieu of foreclosure. Good luck with working things out. - Fri Jul 3 2009, 06:37

Steve you created a firestorm with one of the greatest questions in a while. Yes it is illegal for any Real Estate person to discuss commissions with any other Real Estate broker. Simply answered you get what you pay for. By paying the standard commission in yoru area you are attracting more buyer agents which attracts more buyers which leads to a quicker sale and possibly a higher sales price which is more than worth the commssion paid to get a sale. My advice is interview a couple of listing brokers in your area and they will be able to tell you what is normal in your area and what market conditions will bear. Good luck in your sale. - Fri Jul 3 2009, 06:34

STOP>>>> do not sign over your deed!!!! If you do you lose all ownership interest but still will be liable for the mortgage. if they do not pay, you are back on the hook again. Your best bet is to contact your mortgage company at once, ask for the home retention department, tell them your situation and ask how they can help you. Ask about loan modification, ask about forbearance where they can take your past due and add it to the total loan to bring you ciurrent or lastly if you have no ability to pay, then ask about a short sale. Dont give up and dont sign your deed away. If all else fails your best bet is a deed in lieuof foreclosure. Check to see if there is free legal help in your state. good luck with working things out. - Fri Jul 3 2009, 06:30