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Selling Your Home Fast to Avoid Foreclosure

Posted Monday, November 4, 2013

When facing foreclosure, some homeowners try to sell their house and for them the goal is not just to sell, its to sell fast. Foreclosure rates tend to be higher in areas that are experiencing buyers markets because it generally takes longer than average for homes to sell. When facing the possibility of foreclosing on your home, what can a homeowner do? First the homeowner needs to be focused and determined to sell, and sell quickly! Here is some information about pricing your home to get it sold fast when facing foreclosure.

Do not claim equity that simply is not there. When the housing market crashed and home values began to plummet many homeowners became underwater with their mortgages, meaning now they owe more than the home is actually worth. Just because you bought your home for thousands of dollars more than what homes are selling for in your neighborhood now, is irrelevant.

Be cautious about pricing your home too high. If you need for your home sell, it needs to be priced low. Overpricing can lead to buyers not even paying attention, especially if it is out of their price range or is just unrealistic depending on the condition of the real estate market in your area. Over priced houses sit on the market longer making foreclosure inevitable.

You have to know what your home is really worth! Contact a local real estate expert to do a market analysis This analysis will show you the recent sale prices for similar homes in your neighborhood. To be competitive and sell your home fast, you should set the price for your home for around 10 percent lower than the average recent sales prices in your neighborhood.

Make sure you know up front what the lowest price you can sell your home for will be. What you owe on your mortgage, might not be the price that someone is going to pay for your home. If you are underwater on your mortgage and you cannot afford to pay off the difference between the sale price and what you owe, you may have to work with your lender and request a short sale. The bank will then determine the lowest sale price they will accept. A short sale will affect your credit, but not as negatively as going into foreclosure will.

You may want to consider reaching out to a we buy homes investor. Working with an investor can be very beneficial in avoiding foreclosure. May we buy homes investors have programs that can help get your home sold in 30-90 days and avoid the burden on your credit by going into foreclosure.