As has been stated here already, the companies that do this will offer less than your home is actually worth. Typically, they’ll do their own research and come to an assessment as to how long your house would sit on the market at full market value, what full market value is, and the amount of debt secured by your home – then they’ll make an offer.
If you owe quite a bit, they’ll offer what they believe the lender will settle for in a short sale situation as long as it still allows them to turn and sell your home at a profit worthy of the time for them to do this (all depends on your market area).
Some parts of the country these companies will offer 50%, others they’ll offer 80%.
If you need to get out quickly, list it with a local agent (I would recommend someone from a Keller Williams office – or a small boutique office) at approximately 90% of what they say market value is. This way you’ll be leading the market down rather than be one of many sitting in the middle of the market values for months hoping for a seller.
I know hundreds of agents all over the country and would be happy to help you make a connection if you would like.
Just send an email through the link here and I’ll get right back to you.