Monday, September 21, 2009

Stop Foreclosure By Being Realistic and Selling Fast

If foreclosure is in a definite in your future, you are probably realizing that you need to sell your house fast. Trouble is, in today’s buyer’s market making a home sale can take longer than average. Your first realization should be that you will have limited control over most factors in the sell my house fast process but knowing what you can do will have a positive effect on how fast you sell your house.

If you want and need to sell your home fast to avoid foreclosure, you have to price it to sell. Overpricing a property house will immediately loose the attention of a huge amount of potential buyers. If it’s priced too high, buyers that generally make lowball offers will likely pass it by thinking there is no way you’ll come down in price that far.

When it comes to the time where you have to sell your house fast, you have to realize from the get-go that you are not getting your equity back. Even if your neighbor sold last year and got a good profit, your situation is not the same. You are trying to avoid that credit stigma of foreclosure and need to sell your house fast to do it. Be proactive and apply for a short sale approval from your lender. Get that paper work started and in place as soon as possible. Your lender should tell you upfront the price will they accept for your property.

If you want to try your luck on the traditional real estate market then you will want to find a realtor that knows the foreclosure process and how to sell a house that is about to go into foreclosure quickly. They should be able to furnish you a comparative research of houses sold in your area in the past 30, 60, and 90 days. This will give you an idea of what price to list your house bearing in mind that the lower you go, the quicker you will likely make a sale. You can take the number from your lender and your market analysis and probably drop another 5% to achieve your ideal asking price.

Waiting for a house to sell on the traditional real estate market can take a long time and this is time that your lender is not likely to wait for their past mortgage payments. For this reason, many sellers opt to go the ‘for sale by owner’ route and attempt to market their property on their own. Another option to sell your house fast is to find a cash home buyer or real estate investor in your area who will make you a fair cash offer on your home.

It is important to have your bottom line number in mind when dealing with real estate investors. Before you make the call, make sure you have taken the time to review what you need to make in the sale to come out without the scars of foreclosure looming for the next seven years. Be realistic and even you can sell your house fast for cash.

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