Foreclosure refers to a legal process that a homeowner undergoes once he fails to make payments towards a mortgage. If the homeowner is not in a position to clear the outstanding debt or sell his property through a short sale, then his property will go to a foreclosure auction. In case the property doesn’t sell in the auction, the lending institution will repossess to recover the money they loaned to the homeowner. It takes longer than average time to sell a foreclosure property, so there is always enough time for you to sell your house and pay off the outstanding loan before your house is taken away by the lending institution.
In case you are facing foreclosure, and you have no way out, time is of the essence in the sense that foreclosure process in most states moves very quickly. The following are some of the things you should do to ensure fast selling of your house in case you are facing foreclosure.
Pricing Your House
Pricing you house responsibly is the best way to sell your home quickly. If you overprice your home, many buyers won’t even notice it since it will appear to be out of their price range. Most customers go to those properties whose sellers seem more realistic on pricing. Overpricing will only deter potential buyers, and your house may sit on the market for longer.
Advertising Your House
Your house should be marketed well by ensuring that it appears in as many search results as possible when potential buyers are looking for home properties. It is the responsibility of the real estate agent, but you should ensure that it is done to ensure your house sells quickly before your lending institution takes it away.
Luring The Buyers
You can attract customers to buy your house using creative concessions and financial perks. Some of the house hunters interested in buying your house might be having a hard time doing so. To help them out, you can offer concessions such a lease with option to purchase, closing costs credit and assuming your mortgage with the consent of your lender. The grants will help the buyer in buying down the interest rates or defraying the closing costs.
Don’t Try To Recover Equity No Longer Exists
The fact that you initially bought your house for more thousands than the current selling price of similar homes in your area is irrelevant to the present fair market value of your home. Therefore, you should be clear on your goal. You should not try to get some dollars out your house by holding up to the highest price, forgetting that you are avoiding the black mark that a possible foreclosure will leave on your credit report.
With these tips, you will be in a position to sell your house quickly and strike the right deal for the house facing foreclosure without much struggle. Also ensure to get everything that’s written in the contract papers of the buyer, by doing this you will avoid any mental or financial harassment during or after the sale of your house.