Foreclosure For Sale By Owner
Foreclosure For Sale By Owner
How do I FSBO a short sale when I am upside down in the loan?
I owe $350,000 on my house that is now worth about $70,000. My mortgage company will not reduce the principle in order to allow me to get a FHA loan nor will they negotiate. In order for my bank to do a “deed in lieu of foreclosure” I must list my home for 90 days. I’ve tried to contact a real estate agent to short sell the house but they end the call when they hear how upside down I am in the loan. I understand, it is a fruitless waste of their time. Now I have no choice but to attempt to “For Sale By Owner” just so I can hand over the keys to the bank without owing them the $210,000+ . Is there anyone who has been through this that can lend some advice?
My guess is that you should be able to find some desperate realtor to list the home, even when you clearly tell them how short the short sale should be and the time deadline.
Just keep looking. I think the bank would look more favorably at your attempt to sell if you had a realtor involved.
good luck!
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