Got a person that has a home that is in a area that some of the most recent comps. are for 27000, 35000, and the most 50000. Here is the deal the person owes 65000. The person needs to SELL the home really bad because they have two mortgage two light bills and you guys know the drill. What would you suggest to the person to do to get rid of the first home. Listing it with an agent is going to up them at having to sell the home at 73000. AS IS. Of course I am not an appraiser but recent comps. only support 50000 at the most and that is PUSHING it. I really want to HELP these people but I really don't know what to tell them to lead them in the right direction. Can you guys HELP ME PLEASE!!!!
Palm Beach Gardens, FL
Michelle, This is not a uncommon problem in the industry today. Have your client call the lenders direct. They will most likely allow him a short sale. This is where they will allow him to sell for under what he owes. Each lender now has a department to help.
Aug 24, 2007 01:27 AM
Rainer
32,830
32,830
Michelle Way
ABR, GRI, WCR
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