4 Options You Have To Sell Your House Quickly When Facing Foreclosure
When foreclosure is imminent, sheer panic can make you feel like a deer trapped in headlights. Most people don’t know whether to give up and let financial devastation overtake them, or to fight for their properties and their financial futures. When people do have clear ideas on how they’d like to resolve their mortgage debt, they often lack solid plans for bringing them to fruition. In most cases, the best choice is to offload the home before the bank has the chance to take it. Fortunately, you have several options to sell your house fast in California when facing foreclosure. Simply knowing what these are may be enough to snap you out of your reverie and get you into action.
Work With A Real Estate Agent
Taking the traditional sales path isn’t all that common among people who are facing foreclosure, but it is indeed a possibility. These efforts can take months to reach an acceptable end. If interested investors require outside funding, you’re going to have to make sure that the property is capable of passing inspection. This could mean having to dole out monies for important repairs and even a few much-needed upgrades. Most real estate agents will also recommend staging the home to ensure that it makes the right impression on your prospects. When you’re already in a challenging financial situation, spending more money to sell your home in one of the most time-consuming manners possible, rarely makes sense. If you’re careful to shop around for the right agent and have a home that’s already in fair condition, however, this could be the right solution for you. Just remember that until a deal is actually set in stone, you won’t be able to have any lasting peace of mind.
Negotiate A Lower Agent Commission
When working with a real estate agent, keep in mind that six to seven percent of the sales proceeds will be paid out in commission fees. You can always set a higher price for your home in order to offset this, but asking more money for your property certainly isn’t going to help you in your plight to offload it fast. If you’re forthright about your circumstances and careful to look for agents who have helped offload pre-foreclosure homes before, you may be able to secure a professional who’s willing to represent your home at half the normal cost. Talking an agent down to just 3 percent in commissions will allow you to pay your lender back in full and to event retain a bit of money for starting your life anew. Agents who have sold pre-closure homes before are going to fully understand the nature, nuances, and true urgency of your situation. Moreover, they may have a number of special, marketing strategies that they can employ to help expedite these efforts.
Work With All-Cash Buyers
The absolute best sales strategy for pre-foreclosure homes is to work with independently qualified, all-cash buyers. This takes lenders out of the picture entirely. As a result, there is no need to repair, upgrade, or improve the property at all. Your home won’t have to pass an inspection or otherwise meet the stringent requirements of lenders. Moreover, you won’t have to pay any commissions on this transaction at all. Once the bank has been reimbursed for the remaining amount of your loan, all of the funds that are leftover will belong solely to you. These solutions can provide instant emotional and financial relief for homeowners who’ve been riddled with fear and desperately seeking viable ways to bring this process to a successful end.
Moreover, when you work with all-cash buyers, there is absolutely no need to stage their property either. These are investors who will take a quick tour of your home, just as it is, and who will make you a rapid and reasonable offer based upon its current condition and calculated value. All-cash buyers are typically willing to take properties in just about any condition. They don’t care how your home looks, whether you’ve taken the time to depersonalize it, or if it hasn’t been updated in years. We are all-cash buyers of homes in the California area. We can make offers and bring transactions to a close within just a matter of days. Best of all, we can make this entire process move at a pace that just right for you.
Try Selling The Home By Yourself
Sell-by-owner solutions are often given a bad rap. 20 years ago, this was one of the slowest and most expensive ways to get rid of an unwanted property no matter how you cut it. That’s because most listing platforms are tailored for use by licensed, real estate professionals. Moreover, before the advent and widespread use of the Internet, attracting an adequate amount of buyer attention required lots of costly advertising. Now, however, homeowners have the ability to stage and photograph their homes on their own. They can host virtual tours on websites, blogs, and online classified listings platforms. They can even take their efforts into various social networks. Homeowners additionally have the ability to pay for flat-rate MLS listings that will expose their homes to a greater range of prospects.
By selling without an agent, you can save up to 7 percent of your home’s value by simply sidestepping commission fees. Keep in mind, however, that this is always a gamble. When your back is up against the wall and lender deadlines are looming, you may not have an adequate amount of time to find a buyer who’s actually qualified to see the transaction through. Selling by yourself can be just as tense and time-consuming as working with an agent. The only real benefit in this instance is that you aren’t having to devote a chunk of your proceeds to commissions. If you have the freedom and financial peace of mind to sell your home at a leisurely pace, then sell-by-owner solutions are worth considering. When rushing to avoid foreclosure, however, its always best to align yourself with cash-buyers who do not outside funding or special incentives to get them to the closing table.