I have a house that is listed, but it needs a contract ASAP?

Question

I have a house that will be in forclosure in 2 months. It is listed with a very good real estate company. How do I market this to get a good contract. The agent is holding oepn house, listing it in books and increased the selling agent's commission. Any ideas?

Answer 1

Carrie have you called your mortgage company and explained to them that you are attempting to sell your home to avoid foreclosure?

I would do that, then after I have a real contact person I would make sure that the contact sees EVERY offer, no matter how ridiculously low.

Trust me, banks/lenders right now have a GLUT of unsold, foreclosed homes. In Michigan many of these homes are going to auction and the lenders are loosing their butts. Call your lender and tell them that you want to work with them to satisfy your debt and save some part of your credit. I cannot believe that any sane lender would turn you down. If the person you speak with is not cooperative, go over their head to their supervisor, and over their head if needed too.

Good luck to you and I wish you the best.

Answer 2

Instead of increasing the selling agents commission you should have increased the buying agents. They will show it more if you are paying 4%.

Your "very good real estate company" can contact your bank on your behalf, they do it all of the time. It costs the banks money to foreclose, they will work to facilitate a sale. They may agree to accepting a short sale, where it is sold for less then it is worth and they accept the money as paid in full.

At this point it is too late for you to worry about a "good" contract. You need a buyer, period.

Open houses are not that effective in a buyers market. BY books I will assume you are talking about the MLS, which is really minumum coverage by your agent. They should also be running ads in the paper (most real estate is still sold that way) and contacting their investing clients. If they are really good, as you say, they have regular clients that buy and sell for a living. Your situation is right up their alley.

Answer 3

Make sure the house is staged perfectly. Also, speak with your agent about holding an agent's showing. This is when your agent invites the others in the same office for an open house. The increased seller's agent commission should get a couple of bites.

Try to avoid a "short sale." This is when your lender agrees to accept less than what is owed and allows you to sell the house for less. It has the same impact as a foreclosure on your credit.

Answer 4

I work for a loss mitigation department in a mortgage company as well as going for my real estate license. I recommend you keep the home listed at the price current & if it does not receive any offers from the open house you will have,see if the realtor will lower your listing price to attract offers. lots of mortgage firms will work with you to do what's called "negotiate a short sale" this simply means you will accept an offer for less than what's owed on your mortgage & avoid going into foreclosure.

Answer 5

Go observe your competitions (other houses) and price it a little less than those. To make the house attractive, keep everything simple (very few things on the counter, table, etc). Three items on any surface. Take down family photos from the walls and put away personal items. Get flowers for the front porch. Go to a model house and see how they decorate. You want to make your house as close as to that.

Answer 6

If it is investment property, list on investors website. ie. Locatere and others. Maybe price is to high!! This is a buyers market which means, buyers are not paying top dollar. (they do not have to) Plenty of propety on the market. What area is the property located? What about listing in local newspaper? Consider price.
Maybe Offer to pay closing cost if you do not want to reduce price.

Answer 7

Do you know any local mortgage lenders you can call that may have qualified buyers to purchase your property? A lot of mortgage lenders pre-qualify buyers to purchase a home and since you are eager to sell, they might be able to help you. Call your local bank and speak to their mortgage person. You can deal directly with the big lenders, Wells Fargo, CountryWide, Washington Mutual, I'm sure they have pre-qualified buyers.

Answer 8

the portion of do is assessment your settlement and then touch the broking provider that the agent works for. convey your concerns and understand that this is been 2 days, once I get a clean itemizing I continuously set up a time to make touch with my sellers oftentimes a minimum of as quickly as a week. That way I actually have a set time to supply them updates and so on... of direction he could be returning your calls yet perchance he's busy attempting to sell your place! the incontrovertible fact which you're unhappy with the photos and the brochures desires to be pronounced to the broking provider. in case you the two be certain you decide on yet another Agent then the broking provider can assign one for you. additionally whilst he gave you his itemizing presentation did he tutor you and occasion of the brocher? I continuously tutor my sellers and occasion so we are able to set the main fabulous expectiation up front. this is significant ask those for examples and so on.. whilst interviewing an agent, the appropriate thank you to ward off frustration is have an awareness of precisely what they are going to be doing to marketplace & sell your place. appropriate of success to you!

Answer 9

Where are you located?
Describe the house and price.