Fsbo

[Captain Bill]

Originally Posted by bentlebee

The person who put up this thread asked advise for FSBO and wasn't asking to do a short sale right now. The advice I gave is that they can try FSBO and switch later if they want. If they need advise with a contract they can get a lawyer which will cost them aprox. $ 500- and not 6% of the sales prices which will be way higher.
If they don't know what their financial situation is and/or what they should do, than I suggest get legal advise. If they want to do a short sale they can use a realtor or a lawyer or a realtor who is a lawyer as well and there are realtor/lawyers writing on this forum.

Se actually asked why the realtors told her she should go FSBO. She wasn't saying that she wanted to go FSBO. She thought she would have to because the realtors told her she would have to.

She said she knows nothing about it, and in my opinion she does not have time to learn, and if she is upside down, which is the indication, then she will not be able to sell it at all.

The banks probably will not deal with a fsbo. And if, as it seems, she is upside down, then why would anyone advise them to go fsbo, when the lender will be the ones paying the commission.

Later she asked about a short sale.

"I have until August, and then I HAVE move to Colorado, no options on that. The home either has to be sold, or rented....or something...We cannot afford two mortgages *Sighs* I hate relocation.
Would a short sale cause anything bad on my credit? How would a short sale affect me in the long run or the short term??

The op is in a desperate situation and must move. She has said she can't afford two mortgages, and she needs help from someone who can help her An attorney at this point is not going to help her unless he is also a realtor who specializes in short sales.

Good real estate attorneys cost $200/hr in this area. And they don't stop charging when it reaches $500 either.

Apparently the realtors saw that the op was upside down and they didn't know anything about short sales. Unfortunately, they didn't refer her to someone who specializes, like they should have. Then again, maybe they don't know anyone.

I'm going to leave it at this. The op has had a lot of advice and it's time for her to decide which way to go.

I wish them the best whatever they do.

[Reyven]

I appreciate all the advice that has been given here, so thank you to everyone who has responded!

Right now my husband is working on FSBO. He is getting an appraisal done on the house tomorrow (I've heard the buyers usually do, but any little thing that may help with the sale is a good thing)
I am in the military, so they won't really be able to help me, except that I may be able to talk to JAG free of charge for help on all the legal stuff.

I would rather not go short sale....we are young and don't have GREAT credit (good yes, but great no) We make payments on time and pay all of our bills, so we don't really have anything bad on our credit, just not much of it. If we didn't have to move, making continuous payments on our house would have been great.

If we cannot sell the house, then we will probably think more about renting it out on a 6 month basis, since when we get back from deployment a lot of people will be trying to find a place to live.
I hope everything works out...and I guess if worse comes to worse we can try to do a short sale...but it is definitely not going to be our first option

[Jamesww]

Rent the home out until the foreclosures start falling off. I advise this because you are going to take it in the shorts if you are competing with a bunch of foreclosures.