Short sale vs foreclosure

billybarue · 08-05-2011, 05:50 PM

40K upside down and the situation your in you need to sell NOW. As mentioned, market trends aren't bright.

Talk to the bank and see if you can re-structure.

Get the house on market ASAP - BY OWNER. Any one can do it, and you need to save those commissions to put against your being behind on the mortgage. If your house is 250K, than you'll save $15,000K (6%) in sales commissions. You need to give that 15K to the bank that holds the note on your house - not a realtor. Even if you have to get the house sold below market (or appraised) value - you have 15K to play with if you sell by owner (FSBO).

You are coming up on Autumn, a poor time to try to sell. I'd have the sign in the yard tomorrow and be re-painting and sprucing the house up. It doesn't appear your situation coupled with the economic outlook are about to improve. You need to act now. I am sorry for your circumstances and best of luck.

08-05-2011, 05:50 PM	#17
billybarue Still Watching My Back Join Date: Nov 2009 Posts: 226 Trading: (5)	Re: Short sale vs foreclosure 40K upside down and the situation your in you need to sell NOW. As mentioned, market trends aren't bright. Talk to the bank and see if you can re-structure. Get the house on market ASAP - BY OWNER. Any one can do it, and you need to save those commissions to put against your being behind on the mortgage. If your house is 250K, than you'll save $15,000K (6%) in sales commissions. You need to give that 15K to the bank that holds the note on your house - not a realtor. Even if you have to get the house sold below market (or appraised) value - you have 15K to play with if you sell by owner (FSBO). You are coming up on Autumn, a poor time to try to sell. I'd have the sign in the yard tomorrow and be re-painting and sprucing the house up. It doesn't appear your situation coupled with the economic outlook are about to improve. You need to act now. I am sorry for your circumstances and best of luck.