EMERGENCY SITUATION?

I need to sell my mother's home fast. She has a three bedroom, 4 level home in NJ that is in need of major repairs and has mold. She still owes the bank a great deal. We had a Realtor do a free appraisal and his estimate was way less than what she still owes the bank. We can not afford a Realtors services to

I need to sell my mother's home fast. She has a three bedroom, 4 level home in NJ that is in need of major repairs and has mold. She still owes the bank a great deal. We had a Realtor do a free appraisal and his estimate was way less than what she still owes the bank. We can not afford a Realtors services to sell it for us and have to save what we have for the actual move. Is our only option foreclosure.? Can anyone give me advise on this.?

Other answer:

Zalina Zayas:
Sounds like you have no hope of selling the house for what you owe on it given the issues with it. Talk to a BK attorney to see if that may be an option.

Selling a house quickly either usually means you need to be in a hot housing market or you price the house low to make it attractive which you don't want to do. No one is going to pay more than the market value which is apparently less than what your mother owns. Hence my suggestion to talk to a BK attorney to at least find out your options in that area. You don't have to file BK just because you've talked to an attorney.

dog ma:
Pascal is right, but a short sale is never anything that would happen quickly. Talk to the lender first to see what your options may be.
Barnes:
Auctions are best for rapid sales. You can set a reserve price and if the bidders get excited you can do well. Talk to a couple of auction firms.
Pascal the Gambler:
Short sale is the other option. That is to get the bank to agree to let you sell it for less than owed.
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