Originally Posted by jennica
Also, we are going to look into a guick sell. We just found out about that last night from FIL. I'm going to call the bank again today and see if I can talk to someone who cares. Not likely but I'll give it another shot.
Selling a house quickly means pricing it correctly. I suggest you invest some time in trying to find a good realtor and getting several recommended sale prices based on "comps" (comparable houses) in your area. Once you are reasonably certain you know what the house is worth (based on square footage, number of bedrooms and bathrooms, size of the yard, location, etc.) price it on the low end. You want to attract as many potential buyers as possible as quickly as possible with a price that is almost too good to be true. You should consider "rounding down" to get it into a range that's perceived as affordable. Kind of like stores do ($1.95 instead of $2.00) but on a larger scale. A good realtor should be able to help you figure out what the "sweet spot" is. As an example, there may be a dramatic difference between $151,000 and $145,000.
Make sure you know what you are getting for their commission and that they will market it properly. You want it on the Multiple Listing Service (MLS) which increases the chances that they'll have to split the commission but gives the house much more exposure in the market. Speaking of MLS, try visiting "Realtor.com" so you have an idea going into it of whether the realtors' comps are on target. It can be hard to tell what is near you but if you study the listings oftentimes the clues are there. I live in a small town but some neighborhoods are better than others, I can usually tell where something is if they mention the grade school or middle school.
Also make sure you know how often will it be advertised and how. Will it be in the papers or in the TV listings? Make sure this is included in the contract, don't just take their word. Also consider negotiating the length of the contract. If they aren't doing a good job you don't want to be stuck with them. Also, it doesn't hurt to try and negotiate the commission.
Start decluttering now and if the house needs any inexpensive work at all (e.g. mainly elbow grease) start with that now. Curb appeal is critical so start tidying up the yard if it looks a little run down. If you have an attractive recent picture of the house in the Spring or Summer that might look better in a listing unless you still have some leaves on the trees and the Fall color is coming in.
As far as contacting the bank, if they are local or if they have a local branch I would try visiting instead of calling. It's a long shot but you may have better luck that way.
I hope some of the PPs are correct and that the bank is willing to negotiate. I understand that you want to get out of the house anyway but if you can reduce your monthly payments and buy yourself some time you may buy yourself some time to sell the house on more favorable terms.
Finally, a last ditch suggestion would be to rent it out if you can do so for an amount that would cover your mortgage and taxes. If you can find a cheap or free place to live (perhaps with a friend or relative) you may even be able to save some money.
I wish you the best of luck and FWIW I commend you for taking the bull by the horns rather than playing "wait and see".