how can i sell my house fast on short sale?

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My mother and I bought the house together for $ 105K in 2007. And now we want to get out of the mortgage because we can’t afford the payment anymore. Though we are current, we still filed for loan modification. But from reading many other posts/comments online, it doesn’t sound like we would get approved for loan modification. I think it’s just not right! But it doesn’t matter because we both are going to move out of this house. We put up for short sale.

But the question is HOW to sell it fast on short sale? The market isn’t all that great, and my house needs some major repairs. We do not have the money for repairs. None at all. We barely have enough money to pay all of our bills including the mortgage. We have considered renting the house but from all the horror stories we heard about tenants damaging the house, we won’t do it! It costs way too much money and it’s a lot of responsibilities.

Remember this again: We do not have the money. That’s why we wish to speed up selling the house, but how is it possible? And if we do move to an apartment (we will live on our own not together anymore), and the house probably will go into foreclosure if it doesn’t short sell in time.

Please help…please advise. Thank you so much.

1 Comment
  1. Reply
    May 2, 2011 at 1:32 am

    There’s no way, unfortunately, to do a fast short sale. Being able to do a short sale at all depends on the willingness of the mortgage holder(s) to forgive part of the amount owed. Since you’re current on your mortgage, it may be difficult to get the attention of your lender to get a rock-bottom number that would be approved if an offer were to materialize.

    You don’t say the state in which you live and that’s important because laws vary state by state as to the foreclosure procedures, short sale procedures, how much recourse a lender has to come after you for the balance owed on a property that doesn’t sell for as much as the debt, and so on.

    What you might want to do is to try to get hold of someone in authority at your lender to see if you can get the lender to taking the deed in lieu of foreclosure and calling it even. You will want to stress that even though you are not now delinquent, it is just a matter of a couple of months before things start to go to hell in a handbasket. Your offering the deed in lieu of foreclosure will actually save the lender quite a bit of money and then you’re off the hook. Whatever loss may be taken by selling the house after the lender takes the deed becomes its problem, not yours.

    Good Luck!

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