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Old 03-01-2010, 01:37 PM
 
124 posts, read 374,308 times
Reputation: 47

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My wife and I need to move but we can't afford to list with an agent because our home has already depreciated below the balance on our loan. So we would ideally sell by owner so that we don't have to pay realtor commission.

We've had a sign up, and we have a nice ad on craigslist. We have had a few lookers, but not anything serious. I'm worried that I don't know what I'm getting into when it comes to closing. I don't know what numbers I need for price negotiation. I know what my loan payoff amount is.

We are pretty desperate. Any help would be appreciated.
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Old 03-01-2010, 01:54 PM
 
Location: Deep in the heart of Texas
1,914 posts, read 7,135,172 times
Reputation: 1988
If you're not listed with the MLS you are not going to have much luck. We tried that route and we ended up listing with a discount realtor. She charged us 1.5%. With the way the market is right now I would strongly advise you get a realtor. Look for those that advertise 3% or so thereby saving you a little. Keep in mind that you'll end up paying thousands in closing costs when you sell it. Nobody told us this and we had to bring $300 of our money to the closing table
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Old 03-01-2010, 02:31 PM
 
28,455 posts, read 85,088,241 times
Reputation: 18726
If the home is not going to sell for what you owe you really ought to reconsider even trying to sell.

If you absolutely must sell you are going need to do a short sale. It is hard enough to get a short sale done with a real estate agent that has the knowledge /experience to work with your lender to get this done. It would be madness to try this on your own...
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Old 03-01-2010, 04:01 PM
 
424 posts, read 2,336,495 times
Reputation: 156
I see a lot of FSBOs around town later list with an agency. Sometimes FSBO works, sometimes not (or not fast enough). Do you have "Assist to sell" where you are? they just ask about $3k flat rate usually. that can be a good "in between" option. I know how you feel, I'm not sure how I'm going to afford the realtor's commission when it comes time for us to sell. Hope something works out for you!
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Old 03-01-2010, 04:19 PM
 
Location: DFW
40,930 posts, read 48,959,201 times
Reputation: 54922
Commissions are a concern in todays depressed market. Our son sold a condo in Boston and had to bring $15k to the closing table and that was a FSBO with our help.

I hope I can find links to these threads a few years from now when we go back to the old....

"Buyers are really paying the commissions cause all agents do is raise the price of the house to cover those costs."

Wrong.

Back to the OP, do you have any friends, a father, family you trust who has bought or sold in your area ? Without the expertise of a good agent you sure could use someone who might have a little knowledge on your side.

Maybe a title company could give you an estimated closing cost work sheet for your home. You would need to give them an estimated sales price and an estimated closing date.
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Old 03-01-2010, 05:10 PM
Status: "Open for work" (set 4 hours ago)
 
Location: Just south of Denver since 1989
11,820 posts, read 34,326,708 times
Reputation: 8940
you can order your own payoff from the lender(s) - I understand yo may be underwater, and may not have the resources to bring money to closing to make up the shortfall.

You should talk to a local Realtor who understands the ins and outs of distressed property sale. You should also speak with an attorney and a tax professional.

You need to know a whole lot more before you decide anything.
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Old 03-04-2010, 09:11 AM
 
124 posts, read 374,308 times
Reputation: 47
thanks for your input. I really like the idea of finding a discount realtor. I think I will find a title company and see if they can work out the numbers with taxes and closing costs. I was just frustrated because I think I lost a potential buyer because I was unprepared to negotiate.
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Old 03-04-2010, 04:34 PM
 
6 posts, read 28,493 times
Reputation: 12
FSBO works if u have an extremely desirable location. there are FSBOs selling in my area in 2 weeks; but i am talking about the best neighborhoods in town and lower end prices (400k and under)
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Old 03-04-2010, 06:13 PM
 
Location: DFW
40,930 posts, read 48,959,201 times
Reputation: 54922
Quote:
Originally Posted by core2vpro View Post
FSBO works if u have an extremely desirable location. there are FSBOs selling in my area in 2 weeks; but i am talking about the best neighborhoods in town and lower end prices (400k and under)
Just had a young couple call earlier this week who I helped buy a home 2 years ago. They have no equity or money to spend.

I ran them some information and tried to help but just in their area their area about 85 homes in their price range and many great deals / foreclosures. I offered to give a little advice if needed since they are going to try the FSBO route.

Competing with 85 starter homes in their immediate area will be extremely tough, almost impossible for a FSBO who has no experience. There might be a slight chance they sale but I do believe I'll get a call back in 30 days ready to list their home.

It's a tough spot to be in with this crazy market.
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Old 03-05-2010, 06:32 PM
 
Location: Miami
18 posts, read 70,091 times
Reputation: 25
Only one thing will get your house sold in this market - showing the buyer that your property offers value for the money when compared to other homes in the area. What does this mean...offer more for less. If your payoff is higher than what you can realistically get for your property now, do a short sale if you HAVE TO SELL.

If you prefer to stay in the property, try asking your lender for a loan modification. If you are turned down, lenders usually suggest a short sale. Beginning April 5th, new guidelines will require lenders to respond quickly to your request for loan modifications/short sales. If your lender cannot modify your loan, you will be sent a short-sale packet to provide to your Realtor. I don't know what market you are in, but look for a realtor having short-sales experience on the listing side.

In my experience here in Miami, I've only had one instance where a note from the seller/borrower was required for a much reduced amount in exchange for a short-sale approval. Most lenders, upon seeing the evidence of loss of value, will concede to the short sale, assuming the buyer is offering a reasonable amount.

And remember that you will not pay the closing costs if your financial situation requires a short-sale. Your lender will always pay reasonable costs including taxes on the sale, title policy, realtor commissions, and some association fees. Good luck.
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