There is nothing as devastating as receiving a foreclosure notice from a homeowner. The process does not benefit the homeowner, and it’s advisable to take action before losing the house. If you have run out of options to hold on to your home, you can opt to sell it. Even though selling the house isn’t the best measure to take, it lets you pay the lender and avoids the shameful process of foreclosure. Other than this, selling the home and settling the lender keeps your credit rating. Here are some excellent tips for selling your house before foreclosure.
Get a Legal Guide
While you can do the process alone, it’s essential seeking a lawyer to guide you with this process. Immediately you received the foreclosure notice; you should have a sitting with your real estate lawyer and discuss your options. You have to check on the available options, which should be better than selling the house. Your lawyer should guide you on the options, considering the amount of time you are remaining with before the lender takes over the place. Most lenders give between 30 days to six months. Your decision-making process should be quick to avoid running out of time. If you decide to sell the house and cover the lender’s cost, you may need to look for a real estate agent.
Looking for the Right Real Estate Agent
Selling a house alone can be overwhelming, and you might not get the buyer on time. It is essential to look for a genuine real estate agent, especially those who deal with houses put on notice for foreclosure. These agents selling a house in foreclosure understand its urgency and try to get you a buyer for your targeted home as fast as possible. The good thing about the agents is that you can negotiate on the selling fee, and you only pay them commission after the deal is done or have their cut from the pricing. Having an agent who charges lower fees will save some dollars, which boosts your income to pay the lender.
Renovate Your House
Once you decide to put your house in the market, you have to make it look good to fetch the maximum price. You have to make some significant renovations and uplifts to ensure your house brings more prices and sells as fast. You can start this by removing unnecessary things to make its interior appear bigger. You can also do some general cleaning starting from the interior, exterior floors, roofs, walls, and even the compound. If possible, you can outsource a reputable company that does a better cleaning job. After having it cleaned, you can change the knobs and apply some fresh paint to the walls while trimming the backyard, fences, and the entire compound to make your house look stylish. Ensure your home looks presentable to the buyer.
Never Forget About Marketing
Even though you will be using the real estate agent to sell your house, you also need to do your part in pushing the house to the market. An effective marketing process is essential to make your home sell faster. Ensure you advertise heavily. To facilitate this, you need to have some professional photographs of your house taken and then post them in real estate online markets and on social media sites, including Facebook, Twitter, Instagram, and craigslist. You can also sponsor your agents, at an agreeable fee, to have your house promoted to different groups. It is essential to discuss the terms of these promotions versus their fees. The more promotions you make, the higher the chances of getting a reliable buyer for your house.
Update Your Lenders on Every Process
Initially, you have to inform your lenders you are selling the house and why. You should also be updating them on the progress from time to time, until you get the buyer or the notice ends, whichever comes first. This idea will prove to your lender that you are doing everything to settle their debt, which might make them lenient with you. The lenders can decide to hold the possession process or give you more time to find money to pay them. Even though they may fail to grant your wishes, it’s worth trying. Immediately you sell the house, settle their cash as fast to avoid inconveniences. In case you have found the buyer at the fall of the hammer, you can ask for some time as you wind up the transaction.
Losing your house in foreclosure is the worst thing that can happen to a house owner. However, you can make the losing process less painful and recover some money by selling the house and paying the lenders. The selling process is time-bound. It is essential to incorporate the lawyers, real estate agents, and promoters to make it fast and efficient.