FHA how to sell fast when comps eat equity

[StartingOver10]

In a short sale the lender picks up the cost to sell, including the commission. 

[Anonymous]

First off sorry to hear about your situation.

I'm no expert but a few things came to mind:

First 11% commission is really high. From my understanding commission is usually around 5-6% and that is split between the buyer and sellers agents. Who told you 11%..if it was a real estate agent I would go and get aother one. Interview a few agents and see what the commission is before making a decision.

As for comps I love Redfin. You can do a search of what has sold in your area and for what it sold for. This was my holy grail website while looking for houses. 

You can try FSBO...doesn't hurt although typically FSBO take longer to sell.

You said the house is in decent shape now. I wouldn't sink an extra $5K to "maybe" get back some of that in the sale. Do the general rules of thumb when selling. Declutter, tone down any loud paint colors and clean, clean, clean. 

You have a beautiful credit score. If worse comes to worse and you do end up having to shell out of pocket $$, can you look into a personal loan to cover the difference? 

Good luck to you.

[eyesopen]

Thanks. That's the plan.

Although it seems Realtors use generic / online algorithms and I didn't want to pay an appraiser for the same thing.

[eyesopen]

That's encouraging. Any guesses on a realistic percentage for commission? I'm in Virginia Beach.

[eyesopen]

Thanks for the post. Do you have any links to Short Sale info that's more than a highlight of the big picture?

[eyesopen]

Appreciate the advise and will definately check out Redfin.

I'm getting the feedback I needed.

Much much appreciated.

[eyesopen]

Want to thank all of you for reading and posting.

I'm going to fight. The hills will be there if I get trapped.

Thinking FSBO is the next option to explore and need some stories of real life experience.

Feels like I'm in a live Pacman game.

Will start a new post.

[Anonymous]

Since I was born in Norfolk I went over to check on eyesopen and he said-

"Thinking FSBO is the next option to explore and need some stories of real life experience."

What about one of those buy ugly houses guys?  I gotta a house I'm trying to sale not even a whiff in 6 weeks.  I don't have a note on it so I'm not in a crush, but I could use the money to get in my new one.

So its a buyer's markent in Va Beach?  Our family left Norfolk in 1966 and went south, but we have old friends living on Edwin Dr I stop to see every few years.

[eyesopen]

Never thought about the ugly house guys.

The house isn't in disrepair; it's just not in the "granite-counter-stainless-steel-laminate-floor-ready-to-sell" condition.

But am exploring all options so thanks for the suggestion.