Here's What To Know About Selling Your Home While In Foreclosure
Are you expecting a foreclosure notice in the mail, or have you already received one? You may be thinking about selling the place to avoid foreclosure. Here's what you should know about the process:
You May Not Make a Lot of Money
The idea of selling your home while it is in foreclosure it to avoid being foreclosed on so that your credit doesn't take a devastating hit. To keep your home from being foreclosed on, you will have to pay your lender everything that is still owed on the house, plus interest, penalties, and other fees that are outlined in your sales contract.
Therefore, you must sell your home for at least the amount you owe the bank to keep it out of foreclosure. If you owe almost as much as the house is worth when all is said and done, you may end up walking away with very little money in your pocket because you can't inflate the value of the house to make money and expect buyers to take you seriously. Be realistic when anticipating how much you will walk away with, and plan accordingly.
You Should Always Work with a Realtor
It is crucial to find a realtor who is experienced in the foreclosure field to work with when it comes time to put your home on the market. You can count on your real estate agent to help you figure out exactly how much you owe your lender, and how much you can get for your home on the market. They will work to stage your home, do some landscaping, and market your home to a wide audience to make sure that you get the high amount possible for the property.
They understand all the laws, procedures, and timelines at play when a foreclosure is on the line, so they can provide you with all the support you need to make sure that you don't miss any opportunities to keep your home from being foreclosed on.
You Should Start the Process as Early as Possible
If you want to try and sell your home to save it from foreclosure, you should start the process as early as possible after getting your first foreclosure notice. Each day that passes is a day that could have been spent reaching out to buyers and possibly making a sale. Waiting too long can make it almost impossible to ready the place and find buyers before the foreclosure happens.
You'll reduce your stress levels and give yourself some peace of mind by providing your realtor with plenty of times (months if possible) to sell your home. Just make sure that you arrange other accommodations in case the house sells quickly, and you must most out before you expect to. Contact us to learn more about our foreclosure home buying.