If you have decided to sell your home short and avoid foreclosure, you should adequately prepare in order to benefit from the sell as much as you can. In this article, we’ll share some essential tips that will help you to successfully sell your home. So, let’s start with some quick advice that will come in handy no matter if you are selling your house short or the regular way.
Before selling your home, try to gather valuable information on the market and set the right price for your house. Sometimes, local real estate agents can give you information that is not based on the full picture. You can get a better and broader picture just by searching through local newspapers and websites. The next thing you must do is to wait to sell. If your home’s market value prices are not as high as you think they should be, don’t rush to sell. Give yourself some time to think carefully about everything and maybe set a better price. Finally, make sure your home is entirely clean and polished. That means you also must clean all the switches, knobs, faucets, and cabinets and make sure everything in your home is fully functional. That is very important if you want to create a good first impression.
Hire a Short Sale Specialist
If you are selling your house on the short sale, make sure you have a short sale expert by your side who can negotiate on your behalf, and guide you through the process. You must be aware that your sale probably won’t be approved if you don’t have a professional who is familiar with the procedure and who can negotiate with the bank properly. When selling your home short, you cannot define the value of your house according to the prices that buyers are paying for similar homes in your zip code. You must adjust your price according to what the potential buyers are able and willing to pay. Also, when determining the price, ensure you make allowances for the availability of short sale and foreclosed homes.
Have in mind that regulations always change, so make sure you look into them to find out if there are any new directives you must follow. For example, in the past, people had to go into default on their mortgage in order to get their short sale considered and approved. New federal programs don’t require this, but you must have excellent negotiation skills to succeed in your endeavor.
The biggest foreclosure myth is that if you lose your home to foreclosure, you won’t be a homeowner ever again. Losing your home to foreclosure is definitely not a guarantee that you will not ever be a homeowner again – it is simply a risk you have to accept. Nowadays, you have many different governmental backed programs that can provide the necessary assistance with purchasing a home. Just have in mind that you will probably have a higher down payment or interest rate.
An interesting fact about foreclosure is that if your neighbor suffers foreclosure, the value of your property can also suffer some damage. Foreclosed properties are often not properly maintained because they are left unattended for a long time. If you have a house next to you that looks like a ramshackle cottage, the value of your property may decrease. Talk to your neighbors and try setting up a schedule for maintaining foreclosed properties. If you need more information about how to short sell a home, please click here.