5 Tips on selling a home before foreclosure
If you have received a foreclosure notice, you probably feel like you have already lost control of the situation. You can STILL make this a WIN! There are many things that can be done. With so many benefits in this, one option is putting your home up for sale.
Not only does this allow you to sell your home and repay your lender in full (with a good sale price, of course), and mitigate the foreclosure, it also helps protect your credit rating.
A foreclosure never benefits you, the homeowner. But when faced with that hard choice, you can sell your home to come out well.
Here are our five tips for selling a home before foreclosure:
1. Get Legal Help
As soon as you receive a foreclosure notice, contact a lawyer (a very good lawyer, ideally a real estate lawyer). You will need to know what your options are, and how much time you have before your lender can take away your home. Depending on your circumstances, you could have between 30 and 90 days. Acting quickly here is a MUST!
2. Find the Right Real Estate Agent
Some agents specialize in selling homes for people dealing with property problems such as foreclosures and how to short sale your house. They understand the urgency of the situation and will work hard to find a buyer for your home, quickly.
Did you know that real estate fees are negotiable? To help your situation, choose an agent that is willing to accept a lower fee. Lower fees could mean saving you thousands of dollars, money which can be used to repay your lender.
3. Make It Look Good
The next task is to be on top of the buyer’s list! This means you should be getting your home in the best possible condition. Start by decluttering. Be ruthless. If you don’t need it, use it or love it, get rid of it.
Make it possible to move items like extra furniture and boxes into storage to make your home look bigger. An interior fresh coat of paint will do wonders giving the house an extra clean look.
Then, give your home a good scrub, a really deep clean. Wash windows (inside & out), dust, clean floors and air out each room. There should be no lingering pet or food odors. Get help if you need to and hire a cleaning company.
Give the exterior extra help with curb appeal. This is your opportunity to make your first impression to buyers. Let’s start with a fresh coat of exterior paint, which will kick off that fresh ‘look good’ and ‘feel great’ we are going for. A clean, light & airy home sells much faster than one that is cluttered. You need a quick sale right now, let’s make it easy for buyers to fall in love with your home.
4. Don’t Forget the Marketing
To sell your home quickly, you need to advertise aggressively. Arrange for professional photos that you can afford. This is definitely money well spent. Post free ads online on sites like Zillow, Kijiji and Craigslist.
Repost your ad on your Facebook page and ask friends to pass it on. Don’t forget about Facebook Marketplace. I get TONS of buyer leads from Facebook Marketplace! Tweet about it. Put it on Instagram using local hashtags (#YourTown).
Ask your real estate agent, if you need to hire one ;0) what are the BEST ways to promote the listing. The more people who see your home, the better the chance you will find the right buyer. Every little bit helps.
You can absolutely sell your home by owner! You do not need to hire a real estate. You will be saving thousands of dollars in commission fees, if you sell by owner. Read my book ” For Sale by Owner in Florida” for FREE on Kindle Unlimited This book gives you easy step by step actions to sell your home, confidently, YOURSELF!!
5. Give Your Lenders Regular Updates
Throughout the process, you must keep in contact with your lenders. Give them regular up to date information on your progress, by keeping the lines of communication OPEN! Weekly emails would be BEST. Show them that you are willing to solve the problem. Let them know how hard you are working to get “their money”.
By being proactive, you may get extra support from your lender. They have the power to put a foreclosure process on hold, or to give you a little extra time to sell your home. There are no guarantees your lender will give you a break, but it doesn’t hurt to try.
To your success
Never feel like you need to deal with a foreclosure alone. There are many lawyers, real estate agents and mortgage professionals who help homeowners with foreclosures every day.
As a real estate broker, I’ve been helping hundreds of homeowners just like you, over the last 12 years, through this EXACT process. I can help you, too!
Grab your copy my FREE book: CLICK HERE
“How to Save Your Home From Foreclosure”
When faced with a foreclosure, time isn’t on your side. By rolling up your sleeves and acting quickly, you can often find a better solution that gives you some control back, in an otherwise overwhelming and scary experience.
