Thread: Does anybody know anything about a Short Sale of a house?

After talking to a bunch of friends and crunching all the numbers and realizing that I have to get out of TN as soon as humanly possible., I wouldn't be able to sell my house for what I owe without having to put thousands into it, (thousands that I could never re-coop) so I believe my only option (besides a foreclosure) is a Short Sale.
I've been reading as much as I can online & its all way too over my head., I know absolutely nothing about selling a home (or any of that stuff).
My real estate agent is my boss and he's been nearly no help at all, I hate to go behind his back and get another agent.
I called my mortgage company (wells fargo) and the guy didn't even speak English, I told him to speak Spanish to me, because I can understand that better than he could understand my english. I told him just to mail me information, because again, what he was saying was way over my head.
Ugh!

Oh, lord, i'm so sorry...didn't know you are going thru all this...i sincerely apologize the way i
talked to you prior...my mother would have nothing to do with a short sale after my dad passed...
She wound up losing everything! Please do the short sale, at least 30% above mortgage, then...
You can give in a lil'...you can't walk away empty handed! Do not call your mortgage co again, as
they are looking for the highest way of not losing income...and they can and will foreclose on you!

Some people will give in at $10,000 above mortgage loan...but you make sure they are "pre-approved" and
that's a hard ball move on you just before foreclosure. My mother walked away at the very end, and it was
the last ditch effort. Please don't let this happen to you... She would have at least had something to start anew.
Get rid of your real estate person...he/she will take a good chunk! The seller pays the commission, the
buyer does not. Could you file bankruptcy to spare your home and car? I would call a lawyer that gives
you a free consultation, then the next, then the next that offers it in your phone book...you may get different
answers, but at least you can decipher where you are at.

Take care, with the best of wishes...
Supportive smiles.
Carrolin

Thanks guys. I'll check out those links later.
I got my payoff amount from the bank $79+k..in order to sell it and break even, after all the commissions & taxes, etc... I'd have to sell it for $86+k., (which is what we paid for it 6yrs ago) and in its current condition there is no way anyone would buy it for that. I would have to put at least $5k into it (in reality it needs about $35k to really, really be fixed up) and still I don't think it would sell for over $90K. Zillow has the estimate at $70K (i know its a vauge figure & zillow is not 100% correct).
My only saving grace is a church/ministry bought an old segregated school down the block from us and turned it into their headquarters, so all the church members have been buying all the houses in the neighborhood & even building new houses. Before we moved a yr & 1/2ago a few church members came over & wanted to buy the house, but we already promised a friend could move in. I need to go down there and speak to them again, but they are really weird and are the kind of people who don't talk to women, when they were here before, they only spoke to my husband, never saying a word to me.

I'm not late on any payments and never have been, so, so far the bank loves me and my money.

My neighbor has had his house for sale for awhile, he's asking $124,900 and no one will make an offer, because he won't budge on the price. He also has nearly 300 more square ft than my house and his house is 7yrs old, VS my house which is 74yrs old.

Post a note/for sale on the church's bulletin board and see what happens. (no Realtor)

*On zillow, you have the option for it to show the recent sales in the area*

HUGS! I have no idea about short sales.

First of all Wells Fargo is the WORST to deal with. I will not even tell you the HELL they have put me thru. I had my other mortgage with them and the new house too....it was too late to get another mortgage co by the time I learned what A-holes Wells Fargo truly are!

What about renting it out? I have gone that route in the past, hiring a property management co to deal with it all. I had moved to another state and it was well worth it!

Also, you may not think you can get what you need your house to sell for but you might be surprised! I sold my house last yr when NOTHING was selling in my area due to foreclosures. My house was only on the market a few months and I got exactly what I needed to pay off the mortgage and have a bit for a down payment on the new one too. It can be done!