How do I go about selling a home that is in foreclosure?

Asked by Mlammons, 30534 Fri Dec 19, 2008

I have a house in foreclosure b/c my ex took possession when we divorced then moved and quit making payments. I am no longer in the area and was unaware of how bad the situation is. I cannot make the payments and I want to sell the house before it is auctioned. What are my options?

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Alan Grizzle’s answer
Alan Grizzle, Agent, Dahlonega, GA
Fri Dec 18, 2009
I am a local Realtor. I work the Dahlonega and Dawsonville market. I have closed several short sales.
I would be happy to talk with you and look at the home. I need more information to know what your options are.
I can be reached at 706-344-7096 or email me at alangrizzle@alangrizzle.com
You may check my web-site out if you like http://www.AlanGrizzle.com
Web Reference:  http://www.AlanGrizzle.com
0 votes
Debby Thomps…, Agent, Wauwatosa, WI
Fri Dec 19, 2008
You are not alone on condition of your home. Just make sure your agent prices the home for the condition of it so it will sell. If you don't get an offer at the price you set. Lower it until you get an offer. Time will be working against you so you want it to sell. The bank may want to see how you priced the home and your price reductions to get it sold. They may want to see what your agent did to get it sold. They would rather sell it on a short sale then have to foreclose on it. Good luck and yes get it on the market right away with an agent that knows how to do a short sale.
Debby Thompson
Homestead Realty Inc
0 votes
Trey Miller, , Tampa, FL
Fri Dec 19, 2008
Your home's condition will affect the asking price but not necessarily its saleability. There is a saying that I once heard a real estate trainer say, "There is a 30 day price for everything." I think you should call a Realtor in the area, or ask your friends who they would recommend, and explain your situation. Then when you decide on an agent be aggresive with your asking price. By the way, I have never seen a short sale that wasn't "as-is."

Good luck!
Trey Miller
Prudential Tropical Realty
Web Reference:  http://www.TampaTrey.com
0 votes
Mlammons, Home Seller, 30534
Fri Dec 19, 2008
Thank you all for your responses. I spoke with the mortgage company about a short sale. They told me to print a hardship application from their website (which I am doing now) and return it so that if I received an offer lower than what I owed a short sale could be considered. So, I guess at this point I just need to get it on the market. I have not seen the house in 2 years but when I moved out it needed some minor work. I won't be able to put any money into the house to get it in "perfect" condition to sell. Will it be very difficult to sell it "as is" (deck is old, needs a new shower stall in the master bath, cosmetic work inside and out)
0 votes
Sandra Willi…, , 30533
Fri Dec 19, 2008
Hello Miammons,

I agree with Patty but you also need to talked with the company that is foreclosing on your home. Tell them your situation and what they can or can not do for you. Maybe you can buy sometime to get it sold. Also if it is in writing that ex husband was to make the payment then you maybe able to save your back side when it comes to your credit.

Pricing it to sell is the key as the market is quiet right now but do not wait another minute to talk with someone in charge at the loan company if you have not already.

Sandra Williams
Sellers Realty of Dahlonega
http://www.dahlonega-realestate.com
706-265-0501
0 votes
Curtis Willi…, , 30269
Fri Dec 19, 2008
Your first step is to contact the bank/mortgage company to see if they will accept a short sale. They have certain forms that will be required and a bottom line that they will accept. Contact a Realtor in your area to give you a market analysis of your home. Best of luck
0 votes
Patty Da Sil…, Agent, Cooper City, FL
Fri Dec 19, 2008
Hello Miammons,

I am very sorry to hear about your situation.
You should contact an Realtor who is experienced in selling pre-foreclosure homes.
A short sale will stop the foreclosure and its severe consequences. Short sales are complex transactions so knowledge and experience are key.
If you do know a Realtor in the area where the home is located, I will be happy to refer you one.
Please call/email me anytime. =)

Help lots of people and have a great day!!!

Patty Da Silva, CDPE©
CERTIFIED DISTRESSED PROPERTY EXPERT©
Real Estate Short Sale Specialist®
At Home with Diversity®


Licensed REALTOR® & Mortgage Broker - Senior Financial Advisor

305-244-0609
Email: pattydasilva@aol.com

http://www.pattydasilva.com
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