I think that you are being taken advantage.
Most lenders will REQUIRE that you list your home with a REALTOR in order to execute a short sale.
Which makes me concerned for you. Why would your lender LET YOU try to sell on your own. Sorry, to me it makes no sense.
You need professional assistance. Your credit is on the line. Perhaps thousands of dollars. Ask a Realtor to help. If you need to find a Realtor, ask Trulia.
There is a saying in real estate: Time is of the essence.
So get cracking!
Maybe you should consider hiring an agent to sell the property. They can advertise it as a short sale, and it may just sell right away if it's a good deal. Otherwise, try some free sites like craigs list, trulia,etc. Just type in free classified ads in your search criteria and a lot of sites will come up.
- you should have never stopped marketing the property for back up offers, just in case you lose one buyer for whatever reasons, you still have back up offers,
- you should re-list your property asap with a top marketing expert REALTOR specializing in short sale pre foreclosure listings in your area,
- a top property marketing expert can bring more prospective buyers and generate more offers than you can get on your own, plus they are better in qualifing buyers to weed out the weak ones.
- Lenders prefer to work with professional REALTORS specializing in Short Sales to ensure the property receives adequate marketing and exposure, instead of dealing directly with unlicensed individuals and investors looking for a quick profit from flipping the property.
- craigslist is ok, as long as you filter out the unqualified buyers,
- go for the cash buyers or the ones with 20% down payment,
- your buyer must be willing to wait 60-90 days for response to the offer and be able to close quickly, once the lender approves the short sale,
- if they are not willing to wait, move on to the next one,
- in your case, you already know what the lender wants, so it's much easier, and your buyers will not have to wait long for response,
Michael Sorensen, Broker ASC, ABR
REMAX CITY REALTORS
"Short Sale & Pre Foreclosure Experts"
Related Terms & Definitions.
Short Sale. (Pre Foreclosure Sale, Short Sell, Short Pay)
Definition: Short Sale is a Real Estate Sales transaction where the proceeds of the sale are lower than the property owner's outstanding real estate debt obligations (mortgage loans, real estate taxes, etc..).
A lender may agree to adjust the amount owed, and accept less than a full payment, by selling the property to a third party, and forgive the balance, if the seller is in financial hardship or must relocate.
Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage.
Definition: Real Estate Owned. Refers to Bank owned property aquired through foreclosure. If a property does not sell at the sheriff sale (auction), it goes back to the lender and becomes an REO.
Definition: Broker Price Opinion.
i tried to list it with a relator while i was selling it on my own last year & we could not get the values. the area went down rapidly due to fraud. i contacted a short sale specialist who could not help me because of the low spread. i then negotiated it my myself.
Christopher is right; posting on something like CraigsList will produce a huge number of calls, mostly from unqualified buyers. And what you need now is a qualified buyer. I've posted a link below to Real Estate Investment Clubs in Illinois. Find the one (or two) closest to you. Then contact the club head and explain your situation. The head of the club will know qualified investors who can act immediately. What the investors will want to know is what the fair market value of the property is, and what the bank's agreed to. If there's a reasonable spread between the two, then you'll have no problem finding a new buyer who'll be able to complete the transaction in just a couple of days.
Hope that helps.