Mark Malave's Discussions

Explain the situation to your realtor and ask them to talk to your bank about selling short.  Of course, you will not be able to do this if you actually have the money in the bank and you are able to pay.  However, your agent or attorney should be able to convince the bank that they should allow you to close short $4000 or so and that you will pay them back over 12-24 months. At least you won't have to come up with the money lump sum.  Also, ask your realtor to reduce their commission and lower the cooperative commission for the buyer's broker in the MLS.  Good luck and let me know if you have any other questions. I have done dozens of short sales and I can refer you to a excellent attorney if you need one to work out the short sale. Mark

There are many agents (not myself) that just want to get the sale done and move on.  They work the seller to get them to drop to the price to where that sale is just about guaranteed.  In a slow market, the agent may have needed then money from the sale.  The reasons are endless, so there is no point in a circular arguement.  Also, the buyer who was not represented may have overpaid for the property because he did not have a good buyer's agent.  Also, you may have exposed yourself to some liability if you did not properly disclose information to the buyer.  These and many other factors are the reason our profession continues to thrive.  In short, you got really lucky.  Enjoy!

You have to talk to your bank about approving a short sale or loan modification.  The market should come back later this year with the low rates.