Profile picture for HeatherHartless

I want to sell my home, but we owe more than the house is worth. How do we sell it?

  • September 01 2013 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Find a real estate agent who Is experienced in handling short sales. They are tricky and complicated but with the right guidance, it can work. 

  • September 06 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

First you need a realtor to determine what your home is worth. If your home is not worth what you owe (you are short) you may want to consider a short sale. I work with a real estate attorney who will negotiate your short sale with your lender at no cost to you. The buyer pays this fee. You would have to pay an initial $150 consultation fee. But this minimal amount is worth it in my eyes considering the debt you are trying to be forgiven.
  • September 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Because a short sale can be a very complicated process (much more so than a regular transaction) the first thing I would recommend is getting in touch with an agent who specializes in short sales to find out more.
  • September 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

First you need to contact a realtor and get a CMA so you know how much it would sell for. Next contact your lender and ask the consequences of selling short. Alot of times that debt goes with you. In another words it isn't wiped away. You need to make sure they will forgive the debt you owe. If not it stays with you as a lien until its paid off. Call your lender and see if they will work a deal. Use professionals, attorney's, realtors and accts. Know before you go what you are getting yourself into.
  • September 01 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
There are many options:

Have you had an estimate from professionals to determine their opinion of your home value?

If you are indeed underwater:

a.  You can sell and bring the difference to closing.   This is the best option for your credit and future financial flexibility.

b.  If you have a qualifying hardship, you may be able to do a short sale.

c.  You can walk away.  This has serious implications.

d.  You can investigate "deed in lieu of foreclosure".   Also has serious implications.

Good luck

  • September 01 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for NinaHarris
If you are having a difficult time paying your mortgage and can prove hardship, your best bet would probably be to do a short sale. 
  • September 01 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.