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AACK!! I gave financial/real estate advice. How did I do?

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I talked to a friend today and she asked me what she should do. She can't keep up with her mortage payment. She didn't make a June payment at all. She's been trying to sell for over a year and has had recent people tell her that her house is nice, but priced too high. The problem is that it's priced as low as she can go and break even/pay the realtor. Her realtor won't return phone calls and called her up late one night drunk.


I told her:

1. Call her bank TODAY. Talk to them about options and offer to make at least partial payments.


2. Call/email the realtors boss and line out EVERY specific instance that he hasn't returned calls and tell them about the late night callss.


3. Get out of the real estate contract and drop the price as low as she possibly can and advertise in the local real estate magazine. Maybe even go for a slightly short sale? That would let her drop the price about $10,000. She consolidated other debt under the mortgage when she bought the house. So, I figure that she's not ending up any worse than she went in.


What do you think? Should she try to sell it on her own or stick with a realtor. I'm thinking that bargain hunters will be trying to do it on their own.


I don't know what else to tell her.

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I think she has to talk to the bank about a short sale amount. Otherwise she will end up owing the difference.


But yup, she needs to call the agents boss and get a new one. I'm not sure in todays market i'd want to go at it alone. Can she true someplace like Help-U-Sell that advertises the heck out of it for you? (our office in CA did anyway).

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She needs to call the bank for a short sale and try to get it WITHOUT recourse if she has to sell it for less than she owes. Get another realtor, go to Dave Ramsey's site, they have Endorsed Local Providers pretty much everywhere and they're supposed to be great. HTH!

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