When a foreclosure looms, many homeowners try to sell their homes quickly to avoid an auction and other penalties. In some areas of the country, foreclosure rates are high even though the housing crisis has lessened. In Texas, many people who are underwater in their mortgage can still avoid foreclosure by selling their home fast. Sell my house fast with a foreclosure often depends on price and doing a lot of hard work to get a buyer interested.
Don’t Try to Save Non-Existing Equity in a Property
Forget the fact that property was purchased for thousands more money than it is currently worth. Don’t think about the current fair market value of the property either. Remember the goal of this moment. It is to avoid foreclosure and sell the property. House equity won’t help right now.
Price the Property to Sell
One problem with people selling their home to avoid foreclosure occurs when they over price the property. To over price, means that price is higher than the property is worth. This will keep the property on the market longer than it should. The homeowner should keep the price balanced. They don’t want to underprice the property either.
To avoid under price or over price a property, get an understanding about the property’s value. It may be beneficial to have a Comparative Market Analysis, or CMA, prepared by a real estate agent. This will indicate how much the property is worth from the most recent home sales in the area.
Do not Forget about Marketing the Home Too
Make sure the home is well-marketed online to sell. Majority of people looking for homes go online to look for them. Also list the house on various websites that will draw attention to the home. Add pictures to the posts so a person can see the interior and exterior of the home. It may help do de-personalize the house to help market it. Also, amp up the look of the house to make it more desirable for future home buyers.
A homeowner may need to create a financial incentive to capture the attention of potential buyers. This can only be done with the lender’s consent. Concessions or financial incentives include creating a lease option with a buyer or proving closing cost credits. Both will help decrease the closing costs and buy down the interest rate for the buyer.
Stay Calm and Make the Best Decisions
Before starting the venture of selling the home to avoid foreclosure, contemplate all options. It is important to pick the best option for the homeowner and the family. A short sale may be the best option, but it requires a lot of work. All this is a lot of work to sell a house a homeowner wants to keep. Some people may forego trying to show people a home they don’t want to leave. It may be easier to sell the property to a business that purchases homes quickly.