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**kbaby**
I saw that you said you were depressed about the listing price..... I know how you feel... BUT remember it doesn't matter what the price is... at all. They can list it for $1 and it will pretty much affect you the same way as a 500k price tag.
Just don't be like our friends who tried (and failed) to short sale becacuse they wouldn't drop the price. Start out with a price and absolutely drop it every week or two until you get an offer. You need to get something to the bank ASAP as a starting place so you know where they stand. We started at 55k (which was even too high) and dropped it to 35k within 4 weeks and got an offer. You have to show the bank you "made an effort" with the first price, but nothing else matters until you get some kind of offer.
Re: **kbaby**
Thanks for the pep talk.
I just find it hard to wrap my head around that the bank would even accept an offer that low. I know it's better than the alternative for the bank, but it's still hard to accept.
I just want the whole thing to be over already so we can move on and start the clock ticking on getting it off our credit.
How did it work with your realtor? Did you have to pay them a fee? Or was that part of the offer sent to the bank?
If the realtor is trying to charge you anything, find a new realtor. Their commission should be part of the bank stuff. The bank took our 35k offer and dictated exactly how much the buyers agent and sellers agent get. No more, no less.
You really don't have to do anything except make sure you submit all your paperwork that they request and agree to price drops. You really aren't making decisions. But I am 100% serious when I say get an offer to the bank ASAP. If it is too low, they will say 'no, you have to give us this much'.... so at least you know what price is acceptable to them. There is no reason to think about what the bank MIGHT accept.
What mortgage company are you dealing with? Do you have just 1 mortgage on the place?