About a month and a half ago I began discussions with a FSBO to help him get his home sold. He tried to tell me that his home and property was worth the sale price he was seeking, which was actually about $75k more than the fair market value. I left him alone as I wasn't about to waste my time, effort and money listing and marketing his home at such a high price above the fair market value.

The homeowner simply told me "this what I paid for it, this is what I put into it for improvements, this is what my other current debts are and this is what I need for a downpayment on a new home". Sound familiar?

So, I left him alone and wouldn't you know it...he calls me up a couple of days ago and asks me to come over. I ran a comparative market analysis for him and proceeded to visit with him. After showing him the facts of what has sold in the area and a review of the current active listings, he began to get real with me...very real!

He admitted his previously high sale price as part of his FSBO effort was a shot in the dark. He knew it was way overpriced. It was his foolish attempt to find an overzealous buyer who would overpay for his home, and then he would pay off all his debts.

It turns out he's in serious trouble, running out of money fast and facing foreclosure on his home. Suddenly, he's sharing so many truths with me, he's literally trying to hold back his tears as he keeps getting "choked up". I truly felt sorry for him.

Unfortunately, he wasted precious time we could have used to attempt to sell his home for a price closer to fair market value.

Now, he's still not clear headed about listing the house with me at fair market value, because he thinks the home is worth more than fair market value. Yet, he's in debt up to his ears and he knows he will lose the home if he doesn't do something fast.

It is sad and shocking to me that someone could be so stubborn and make such poor decisions with only weeks to go before the home is in foreclosure.

He wants and needs his house to pay off all of his debts, not just a couple of debts. Unless he can suddenly become very realistic about his situation, his greed will result in his greatest downfall!