While I agree with Steve, you should definitely talk to an experienced and qualified agent. This agent can conduct a CMA(Comparative Market Analysis) for your home. This will help you and the agent you chose to decide on the price to list your home. It should be noted that this is one of the most difficult parts of listing your home and the price the two of you determine will most likely not be the price your home sells for. The final selling price will be determined by "the market" which is made up of ready, willing, and able buyers searching for homes similar to yours. The difficulty of pricing the home is why Weichert takes our investigation a step further. While a CMA is a great tool it is limited to focusing on what your home is worth today. Weichert has developed a tool called PTA(Price Trend Analysis). This tool allows us to consider the price today but also helps us focus on the trend of the market. This allows us to be more accurate with the final sale price and more efficiently and quickly sell your home. Which in turn NETS you the most money.
In order to best serve your particular situation, and to more directly answer your question, we would need to even take it a step further. In this market it has become quite common for individuals to owe more than there house is worth. So know that you are not alone. This situation is known commonly as a "Short Sale." You may ask yourself what exactly is a short sale. I will quote from Wikipedia since their definition is accurate. A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower. Our solution to this particular issue is to bring in an outside company to help negotiate with the bank directly for you at no cost to you. Our focus, as with all of our clients, is to make sure you are taken care of from the beginning to the close of your sale.
I would love to talk to you more about this Chris. In this reply I have only scratched the surface of this issue. There is still a lot to go over. Please feel free to email me at firstname.lastname@example.org or call me at 708.212.2587. I hope my answer helped you and look forward to hearing from you.
Weichert Realtors-Nickel Group
101 N. Oak Park Ave.
Oak Park, IL 60301