The woman I spoke with had her town home up for sale with a RE agent for 3 months. Just as Deans book said, the RE agents did not do anything but put it on the MLS and put a sign in her yard. Nothing else..She didn't get one hit, so she pulled it off.
As I talked to her I was jotting information and asking questions right off of Deans "Determining a Sellers motivation" section of the book.
She is currently on unemployement and is moving to Chicago soon and needs to sell her house. She preemptively told me that her bank will not accept a short sale because she refinanced in to an equity line of credit. She is having a hard time making her payments and is considering renting it, but she doesn't appear to have the know how or fortitude to make it happen.
The FMV from what I can tell is around $119k according to the County Assessors office, but that is a drop from $133k from the previous year. Comps in the area are showing a drop to $101k by 2010.
Now....she owes $115k approximately. Which puts her at about 4k in equity. I asked her a hypothetical before I got off the phone...I asked "if I brought you a cash offer today, what is the lowest price you would take?" she replied $115k. We both laughed..sarcastically.
To sum it up...I don't think she will be able to rent it or sell it in the time she is looking to move to Chicago. If she doesnt take a lowball, is there such thing as her keeping the note in her name and me renting it for profit for her? Her mortgage gets paid, credit doesnt go bad and I make a profit?