Can I try to sell my house without a realtor before my house goes into foreclosure?
I’m getting ready to lose my house and I was wondering if it is possible to try to sell my house on my own. What is involved? I don’t want to involve a realtor because I owe to much on the house and by the time the realtor added their fees and everything it would probably be more than the house is appraised for. I’m at my wits end and don’t know what to do. Please give me helpful advice only.
April 3rd, 2010 at 9:20 am
Talk to a LAWYER first. If you are about to go into foreclosure, you’ll want to stop that first because once the process has started, even if you sell your home, there will be all kinds of legal fees from the lender tacked on to the payoff. You may need to declare bankruptcy first to prevent a foreclosure. That will buy you time to sell your house. There are many listing services that will sell your house through MLS for reduced commissions, like Assist-2-sell.
I am a mortgage loan officer and I have seen people lose their homes when it could have been avoided if they had sought legal advice. Look in your phone book for attorney’s that specialize in foreclosures and bankruptcy law…maybe one that offers fress consultation. Good luck to you. I hope you take this advice to heart! I know what a stressful situation it is!
April 3rd, 2010 at 9:20 am
VERY Bad idea! You need someone to expedite the sale and possibly negotiate a short sale with your lender. Find an agent experienced in foreclosure sales. Don’t worry about a few dollars at this point….you don’t have time on your side.
That said I really don’t care for Realtors…but this is a situation where you really need one.
Good luck.
Edit: The realtor would be taking your listing with full knowledge of the possibility that your house sells for less than would be needed to pay for his commission. You should talk to him/her…and ensure you aren’t liable if the house doesn’t sell for enough. The realtor should be able to negotiate this entire transaction for you and ensure he gets paid….find one who knows your situation. It’s MLS that sells houses.
April 3rd, 2010 at 9:20 am
Where are you located?
There are investor out there that will pay cash for your house or help you get caught up and take over your payments.
You can find them easily by searching the web for foreclosure buyer in your area. That or look in the yellow pages or local advertisments for home buyers. They are all over the place and very eager to take your property off your hands for you.
I buy homes in Florida all the time like this. I know I can buy a house cash in two days.. I’m sure investors in your area can do the same.
April 3rd, 2010 at 9:20 am
You do not have to use a Realtor as your selling agent, however, realize that agents representing buyers may bring a qualified candidate, and will be expecting some type of compensation, usually at least 2.4 depending on your market. Will you be able to advertise on the level that a selling Realtor could, or do you already have someone in mind?
April 3rd, 2010 at 9:20 am
if you are going to end up losing your house the best thing to do is work with a realtor especially if they are familiar (and experienced) with dealing with "short sales". if you are getting nothing dont worry about there fee it will be included in the price and your lender will agree to it.
gernerally speaking the people sending you all those letters saying they are willing to help you and give them a call are in it to for themselves and really do not have your best itnerests at heart. that being said there are some "good people" out there that will try to help you but in the end you will not get much.
i know this because i have been involved in the real estate and mortgage busineess for over 20 years and have done it all. i can try to guide you and help you with a realtor in your area that is good and will work to help you out. you can call me at 1-877-LIFE-711 or send me an email.
good luck
April 3rd, 2010 at 9:20 am
you dont have time to fool around trying to sell it yourself….get a realtor and negotiate the commission….i have paid as low as 2.9%
April 3rd, 2010 at 9:20 am
Sorry, but go ahead and get a realtor. The best you can hope for without one is possibly a newspaper ad. That is probably too much of a gamble for you right now. Have you considered a refinance, or taking on a roommate, subletting, renting it out? You dont have to sell and you dont have to forclose.
April 3rd, 2010 at 9:20 am
just hire the realtor and do your homework. Sell fast and at a reduced price and negotiate the commission, for your best interest.. such as not to the point where agents won’t touch your home because your only offering 2% to the selling agent(buyers agent). Get it done because you already know its what needs to be done and when its over then you can be glad its all done and taken cared of!!!! DELAYED GRATIFICATION!! GOOD LUCK!
April 3rd, 2010 at 9:20 am
I strongly recommend hiring a Realtor to assist you. But make sure that it is someone who is experienced with foreclosure properties and "short sales". Call a few of the firms in your area, ask to speak with the managing broker, not the agent on duty. Ask the broker for an agent who works with foreclosures. An experience agent can contact the mortgage company and can often work out an agreement with them regarding the sale. They can arrange for a temporary hold on the foreclosure proceedings to allow time to get the property sold, reduce the payoff amount to the sales price less expenses (so that you walk away from the closing with no profit but also no foreclosure on your record, the agent gets paid and the mortgage company still gets most, if not all of the balance).
For some good information on how to proceed, check out the HUD website regarding foreclosures and your rights. This is specific to FHA loans but does have good information that can apply to other types of loans.
http://www.hud.gov/foreclosure/index.cfm
Good Luck.
April 3rd, 2010 at 9:20 am
Going FSBO in your case would be a bad idea as you need a QUICK sale. Better to pay a Realtor and loose some money, then not get it sold at all and loose it all.
Need a good Realtor?
If In Alabama – e-mail me – pauld-kw@hotmail.com
If not in Alabama – I can still recommend an experienced Realtor from your area that will give you OUTSTANDING service! I work with a network of Realtors across North America.
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http://www.bhammls.com/dziedzic
I will personally guarantee the service my referral will give you.
April 3rd, 2010 at 9:20 am
Hi, I help people like you on a daily basis. Here are your five choices:
1. Call your lender andsee if they can work something out with you to either make your payments affordable or work with you until you get back on your feet.
2. Call those "We buy Houses" people and see what they offer.
3. Do a for sale by owner only if you know what you’re doing.
4. Have a real estate agent conduct a short sale.
5. Call the lenderand see if they are willing to accept a deed in lieu of foreclosure.
If you’re in Southern California, I can help.
Regards
January 24th, 2011 at 12:56 am
How’s the mortgage disaster, and free fall in home prices, going to be corrected if individuals can’t locate a new job? There are an incredible number of men and women which already lost their houses to foreclosure and millions more will until America starts making something more then debt. It’s time to change the trade deals with China. For heavens sake, our biggest trade partner is known to manipulate its currency.