Ok- owe $126M, house should appraise for $135M-$140M. I am planning on getting a realtor & trying to sell the normal way. I live in St. Louis, MO., and I want to move to PA in the summer so my son can start school in Aug-Sept. If the house doesn't sell by mid-July, isn't there a way I can contact the mortgage company and get them to buy it for the amount I owe? I'm afraid a "buy houses quick" place will not offer me the price I need to pay off the mortgage. The house is in great shape, clutter-free, and I think it will sell fast, but who knows in this market? I've heard of a short-sale, but it sounds to me like that occurs when you are behind in your mortgage, and you offer the mortgage co less than what you owe, and it sounds like it could affect your credit. Sure- I'd love to make money on this house, but when it comes down to it, if it doesn't sell, I'm willing to just get out without owing anything. Thanks in advance for your help!

The question was answered by :
linkus86 :
Pricing your house a little below market now instead of a month or two from now is the best way to get the house sold. The other houses for sale in your neighborhood are trying to sell for more because the sellers don't have the time constraints as you do (so they are likely priced higher than they are worth). A below market price will enable you to meet your priority of selling the house quick, and might enable you to pocket a few dollars for the big move. Your lender doesn't want the house, but if it comes down to you not being able to sell you can give them the "deed in lieu" of foreclosure, but it would still be a black mark on your credit.

As another answerer suggested to have your Realtor market in creative ways isn't a bad idea, but I don't believe is proper in this case because in order to offer seller paid closing costs you would have to initially price your house higher. Besides now a days most Realtors advise (or buyers already know) that a buyer can include closing costs in an offer anyway.

AmandaH obviously hasn't spent any time in the business world to realize that "m" often stands for thousand when referring to quantities of goods, thus your abbreviation is completely understandable.

We are trying to relocate to set up a business, unfortunately the one thing stopping this is a house sale.
It has been on the market for two months now, we had a buyer who dropped out.
Have seen 'Quick House Sale Companies' on the Internet and wondered if anyone has used them.

This is was answered by :
slsvenus :
i havnt used them but i have heard that they offer a substantially lower amount of money to you than the property value, which makes financial sense for a business if you think about it. i think only to be used in desperate circumstances.