Sell Your House Fast When Facing Foreclosure | ||
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Price, condition and exposure are three elements that sellers can control and have great influence on how quickly your house may sell. Below are some helpful tips to ensure your home sells fast.
Pricing Your House To Sell:
Be realistic and set realistic goals.
Just because you paid more for your home than similar homes are currently selling for in your neighborhood is not relevant to the current fair market value of your home. Ask yourself, "Are you trying to "make money" on the sale of your home by holding out for the highest price, or are you trying to avoid going through foreclosure that will significantly damage your credit?"
Overpricing your home is a mistake!
If you want to get your home sold, make sure it is priced aggressively and that means lower than the competition. If your home price is too high, many buyers won't even see it because it will seem to be outside of their price range. Other buyers focus on looking at properties where sellers seem to be more realistic about pricing. Your marketing time will be longer than it should and the bargain shoppers will give you the most attention. Remember, a buyer is not going to pay a higher price for your home just because that's what you owe.
Establish a fair market value.
We would be happy to complete a Comparative Market Analysis (CMA) that shows similar homes, recently sold, in your neighborhood for you. If you want a fast sale, take the sold prices, not the list prices, from the most recently sold homes in your area, and then go down a bit from there to set your market price, maybe 5 to 10%. Slightly underpriced homes seem like a bargain and attract the most attention. You will have more buyers approaching your listing and greatly increase your prospects of a timely sale.
You may find you are in a short sale situation.
If you owe more than your home is worth, you can call your lender and ask them to give you some idea of how low a sale price they will accept. Make sure your price includes all costs to you, including closing costs, commissions, etc. While a short sale may damage your credit somewhat, it typically is not as significant as a foreclosure.
Feel free to give us a call with your questions about foreclosures or send us an email. We are here to help.
Next Foreclosure Article: Mortgage Forgiveness Debt Relief Act of 2007
