You should discuss your options with your agent as you have already signed an agreement and may be liable for compensating the agent.
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Ex-Mortgage Broker of more than 10 years
Here are your options from best to worst for your credit:
1: Sell it and bring cash to closing to cover the difference
2: Refinance to get a lower payment and rent the property out, I have a property management company I can refer you to that can take care of all the details.
3: Do a short sale, I have experience and success with short sales.
4: Give the home to the bank via deed in lieu of forclosure
5: GIve the home to the bank via foreclosure
Feel free to reach out to me to discuss details.
I always appreciate your referrals…... more
Good list below and obviously there are some variables, i.e. attorney fee. The one constant, for now, is the transfer tax which for a seller is $4 per thousand.
Good luck selling your condo. Please don't hesitate to call me if you would like a free market analysis, no obligation.... more
You can go to Craigslist and owners.com to list for sale by owner homes. You can also list in Zillow.com, but I think there is a charge to list on that site.
You may want to contact Help-U-Sell Real Estate in your area. They can sell your home for a low set fee and you can save thousands of dollars. They are full service realtors and they handle all the marketing, open houses, escrow coordination, inspections, paperwork etc. Go to http://www.helpusell.com and check out the office closest to you by going to the office locator tab.
Help-U-Sell Achievers Realty http://www.helpusellachievers.com
Agreed. List the property as it is currently identified on City/Public records. If something's amiss, and the City record does not match the physical layout of the property, state something to that affect in the disclosure line of your MLS or attach an addendum to minimize any potential misrepresentations or legal ramifications. CYA - all the way!!! Good Luck!... more
Dear Trulia Chicago,
While there are no guarantees a property will sell in a short sale, there are steps you can take to increase your odds.
I recommend the seller do the following:
1. Find an attorney very experienced in doing short sales. From my experienced the best and most experienced short sales attorneys take no monies the seller. They will get paid at closing as part of the closing. The attorney does not get paid unless you close. My favorite firm is Gardi & Haught, LTD. www.gardilaw.com/.
2. Find a realtor with experience in working with short sales. The realtor must know the pulse of the market your property is in order to determine at what beginning price to list your property and if you are getting no activity on your property your realtor must have pre-research what was the actual closing price of similar properties that were closed in short sale and/or foreclosure. The bank is going to want to see that there was a real solid attempt to market and sell the property at the current fair market value. Just know that often the properties in short sales can sometimes sell for less than 30% of market value that is why it is so important your realtor has completed the research on closed short sales for your market. For example you have a 10 block radius and the average listing price of a two bedroom / 1 bathroom condo is $200,000. However, when you dig deeper into the stats you find out the average closed price on short sale for the area is $150,000. This is why it is important to have a very sharp realtor working with you.
3. Home seller I know this is a very difficult time and can be very embarrassing. Do not fret many people have had/ will have to do a short sale to put them selves in a better financial situation.
4. Make sure you keep your home clean and clutter free during showings to increase the chances of obtaining a buyer sooner.
5. If you are financially capable of paying your mortgage and your mortgage is simply upside down you will not qualify for a short sale. Speak with an attorney.
Finally, even after all the above has gone smoothly, once the buyer has put in an offer and the seller accepted it; now comes the time for the mortgage holder (lending institution) to determine if the selling price in contract is a price they are willing to accept. The bank will order an independent BPO (Brokers Price Opinion) on what the broker feels the property is worth based on the housing economic market factors of where your property is located. If your buyers has offered less monies than what the BPO comes back as the buyer has the option of accepting the banks price or walking away from the deal.
A short sale can be a very emotional and lengthy process. Surround yourself with professionals who are not just looking at a commission but the end result of getting you out from under the financial burden you are in.... more
I am a local mortgage broker here in Naperville and would be happy to help you get pre-qualified. We work with over 30 lenders to help you get the best possible financing. Our lenders will go as low as a 580 score on an FHA mortgage. SMC carries an A+ Better Business Bureau Rating and has worked in the community for over 15 years! Please call me at 630-478-2684, email or visit my website get started.
I look forward to working with you.
Smart Mortgage Centers
firstname.lastname@example.org / http://www.smartmortgageinc.com... more
Depends on the contract that was agreed to. For most residential contracts in Chicago, there are multiple contingencies that allow the buyer to escape the deal, almost up to closing day. Those deals with solid Attorney Review periods will generally be kept "open" until all contingencies are met and a CTC (Clear to Close) is given by the lender, that is if buyer-financing is involved. Until then, a buyer can, most of the time, get out of a deal for whatever reason they choose.
We've all have had deals die on the vine, so to speak. I had one about 5 years ago where my buyer just decided he didn't want to buy the property anymore. He didn't bother to let me or his attorney know until about 5 days before closing! If I remember correctly, attorney review was closed already, so there was a fight with the seller for the earnest money. The seller obviously wanted to keep it all as monies for the buyer defaulting. It went back-n-forth for a while until they both agreed to split the $15K earnest money. So my buyer lost $7500 for simply waiting too long to decide he didn't want the property. Had he decided he didn't want to buy it during the attorney review, he would have gotten it all back.
There are several disclosures that should be included when purchasing a condo or home. 1 is the Real Property Disclosure. This form asks the owner to let you know of certain troubles with the unit, building or home of which they are aware. This last part is so important because the owner does not need to get an inspection done to discover any troubles. The form asks if they are aware of any troubles in these areas (i.e. roof, plumbing, fireplace etc).
The other disclosures are similar and address lead based paint, radon and mold.
If you are home hunting then your Buyer's agent will be sure to get these for you on any property you are interested in. Please call for more information and some direction on homes that meet your needs.
The Realtor Who Listens to Your Needs.
Due to federal anti trust laws Realtors really can't (and shouldn't) discuss specific commissions, as that can be seen as an attempt at price fixiing - even if that wasn't the intent.
Legally, there is no "customary, standard, usual or typical" commission!!!
It's good to see that most of the agents here "get it" and know the law!
Those that don't, better read up on it!
So - the only legal response is.....ALL commissions are negotiable.
Speak with several local agents and you will see what their commission structure is............ask for a written marketing plan so you will know what to expect, and you can compare and contrast what is being offered.
And, truthfully - sometimes you get what you pay for, and sometimes you do not.
Just because someone may charge you more than someone else, doesn't guarantee top notch service, so you have to do your due dilligence.
If possible, look for an agent who comes recommended, with whom you feel a sense of confidence and who has a winning track record in your area with getting their listings sold.
Best wishes.............. more
In most states the only disclosure necessary is anything related with the property. You may need additional disclosures depending on what state the property is located.
Best of Luck,
Century 21 tenace