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Re: facing foreclosure

Posted by steele in minnesota on January 02, 2007 at 10:32:25:

In Reply to: Re: facing foreclosure posted by NJDave on January 01, 2007 at 15:44:28:

As NJDave suggests, you need to work with a real estate agent who understands short sales. Most agents do not.

When most see that you have no equity they think the property can't be sold without them not being paid. What they don't know is that the bank covers the brokerage fees in a short sale. Maybe not as much as they would like, but... it's a sale afterall.

Duh.

Steele in Minnesota

P.S. Not surprising that the bank won't consider a deed in lieu. Many don't. But it was smart that you tried. Always check into all the alternatives.

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