Andrea, Home Seller in Phoenix, AZ

What should I do if an offer comes in that is below what I owe and I don't have the cash to make up the?

Asked by Andrea, Phoenix, AZ Tue Aug 18, 2009

difference? I can make my mortgage payments (there really is no hardship) I just don't have that kind of money in the bank.

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Kevin Sliva, , Elmhurst, IL
Tue Aug 18, 2009
Hi Andrea,

Easiest and simpliest answer is to counter the offer with a higher price. Best answer would be to consult with a local Real Estate agent in person to better service all of your questions and needs. In the end, it is your decision to sell your home and you can accept, reject, or counter any offer that comes to the table.

I agree with Andrea, if you don't have any hardship in making your monthly mortgage payments, your lender will most likely never approve a short sale.

Hope these answers all help and best regards,

Kevin Sliva
L.W. Reedy Real Estate
Elmhurst, IL
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Jodi Smith, , Marietta, GA
Tue Aug 18, 2009
Hi Andrea~

From what I understand and from what I've experienced, you have to qualify for a short sale. If you don't have a hardship, like you said, I don't think you'll be able to. Trust me, it is a very long, very tedious process which involves many hours of digging through your income and expenses.

My suggestion would be to counter back at the absolute least amount you can take. Make sure to figure in the realtor commissions and any closing costs. Plus, with the inspection, some repair costs, if any.

Do you have an agent? If you don't I would highly recommend getting one to represent you. I'm guessing you're wanting to keep your price down so your cutting out any "un-needed" expenses, but a Realtor can get your home out to a mass quantity of home buyers that might not ever see it otherwise. Listing it on major Real Estate websites as well as Trulia and Zillow, etc. You should call a few and interview them. Ask them for their opinion on where the price needs to be. If it's far below what you're asking right now, then you might have a problem. But if it proves to be higher, you can raise the price of the house and be able to cover the commissions.

If you'd like a name to get you started, I recommend you email Erin Bauer at Tell her that Jodi from Marietta, Georgia sent you! :)

Good Luck!

Jodi Smith
Atlanta Real Estate Agent
Keller Williams Realty Consultants – Roswell, Georgia
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Marty Kaiser, Agent, Orlando, FL
Tue Aug 18, 2009
Hi Andrea,

You have two options. One is to do a short sale, which is a somewhat involved process involving your present lender accepting a discount on your current mortgage. That is a somewhat involved process, which your real estate agent can explain to you. It also needs to be disclosed to any potential buyers.

The second option is to decline the offer and counter back at an amount that you can afford to sell the home. The key criteria with this option is what is your home truly worth in today's market. I am assuming that your agent has counseled you on the realistic value of your home. If realistically, your home will not sell for an amount that you can afford, you need to either do a short sale or take the home off of the market until the values increase to where you need them to be. Keep in mind, that may take a while depending on your particular circumstances. You need someone to give you detailed, straightforward analysis and information.

Good luck,

Marty Kaiser
Keller Williams Realty
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