One option is selling your house without a Realtor. This method may be cheaper since you wont have to pay any fees or commissions, but can be very time consuming. Realtors have contacts for motivated buyers and access to other Realtors with buyers. Plus, they can list your house on the Multiple Listings Service, which is the best source for finding buyers. Also, you may need to take time off work to be available when someone wants to view your house or property. While you may save money in commissions selling the house yourself, you could lose that financial advantage if you don't sell quickly as holding costs will cut into your profit.
But what do you do if you owe more on your house than it is worth and you are behind on payments? If your home is facing foreclosure, a short sale is also an option you can look into. A short sale is when you short a bank on the amount due on a mortgage. It is when the bank agrees to give the new buyer a discount of the loan balance if this owner owes more on the mortgage than the property is worth. This is normally done if the property owner is behind in his mortgage payment and owes more than that property is worth. An investor will usually purchase this property for the bank, renovate the property and sell it for a profit.
If you are looking at a possible short sale for your property, it is important that you deal with highly experienced professionals or institutions.
A short sale will involve negotiating with your bank, so experience plays a role in this. It is also important that you deal with a company that is accredited by the Better Business Bureau and professionals licensed in these kinds of dealings.