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Old 07-23-2007, 10:50 AM
 
Location: Jax
8,204 posts, read 32,179,157 times
Reputation: 3392

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Quote:
Originally Posted by hiknapster View Post
It is in Fort Myers. She has lived in it since 1984 and she has NO equity. It is on MLS but not realtor dot com or anything else. She just dropped it $20,000, to 179,500. We will try that link. Thanks!
Honestly, just from what you've posted, it makes me feel even more strongly that her best bet might be to let the bank sell it for her.

If the home is truly worth the $179,500 that she is listing it for and she only owes $114,000 than she does have some equity ($65,500).

It would be great if she could sell it herself and walk away with some of that equity, but in the meantime, while she is waiting for it to sell, she is slipping further and further into foreclosure and may come home one afternoon to find the sheriff at the door asking her to move her things out right now.

If there is no realtor marketing the home, the MLS listing alone might not be enough exposure in this market. Also, what will she do when a buyer asks for some repairs to be done - does she have the cash to take care of that? How will she handle the legalities of going into contract and closing? Unless she has some experience with this, it is not wise to go it alone (she will have to hire a real estate attorney). She also may have to deal with some unscrupulous people who will be attracted to her selling "by owner" - a lot of cons come out of the woodwork and try to get over on homeowners in desperate situations and she could end up unknowingly handing over her equity to them. Don't get me wrong, I'm all for FSBOs, but considering the current market and your MILs situation, I think she needs some help.

The bank doesn't want her home, they wanted the mortgage payments which they will now not receive from her, so they are losing out too. But the bank has procedures in place and professionals on call to handle these situations. They will sell the house for her at market rate and she will receive any equity that is rightfully hers (there are laws in place to protect her). Even if there is no equity, there are programs which will offer her "cash for keys". With "cash for keys", if she leaves the house broom clean with no damage, the bank will cut her a check as a thank you ($2000 is typical).

If she works with the bank and takes the help they will offer, she can focus her energy on finding a new place to live and getting her financial life back in order, which she will have to do regardless.

I hope she can move on from this quickly .
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Old 07-23-2007, 11:22 AM
 
Location: Marion, IN
8,191 posts, read 28,072,931 times
Reputation: 7114
You can post for free on craigslist: ft myers / SW florida classifieds for jobs, apartments, personals, for sale, services, community, and events
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Old 07-23-2007, 07:43 PM
 
2,498 posts, read 6,374,297 times
Reputation: 2257
Quote:
Originally Posted by hiknapster View Post
What website can my MIL go on?
Where can she list it?

She is in foreclosure now. She paid for it to be listed on MLS, but it showed up nowhere, unless she sent me a link.

It's a very low-end property in Fort Myers. It should sell. It is in a good neighborhood.

I have no idea where to place it.

I know that some people have been successful in selling their houses. Where should she place it?
What website? She's in foreclosure.
I tried to post and came out messed up try iggyshouse.com they are free mls & realtor.com
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