Tips To Sell Your House Before Foreclosure

Sometimes life can play tricks on us and we find ourselves unable to pay the bills and drowning in debt. We have all been in that sticky situation when things haven’t gone the way we had planned, and we know that it is not amongst one of the best feelings in the world.

You are not able to pay your mortgage and wondering whether you can sell your house before foreclosure. We understand and have listed down few important points to keep in mind to successfully close the deal on your house before foreclosure.

Don’t panic!

We know that one of the biggest aims while selling your house before foreclosure is time- you want to sell it as soon as possible. Three main factors you need to keep in mind to ensure quick selling of your home are pricing, marketing, and condition. We say do not panic and stop thinking ‘can I sell my house before foreclosure’.

Pricing

Just because you bought your house for a certain amount, does not mean that its value will remain the same. The market constantly rises and falls, so you need to look at the current market value of your house if you want people to get interested in buying it.

You can ask your real estate agent to give you details about selling prices of houses similar to yours and reduce those prices by around 10%. This will attract people to your house as it might seem like a bargain as compared to the other houses which will be a bit more expensive than yours.

Marketing

Marketing may not seem very important but trust us, it is one of the most important factors in getting your house to sell quickly. Most searches for properties are done on the internet today and if yours isn’t visible you lose out on a large number of potential buyers. Make sure that your house is listed on all the top real estate listing sites such as Yahoo, Craigslist, FrontDoor.com, and Realtor.com.

The best part about marketing it on the internet is that it’s free! Not only is it free, but you can put as much information about your house as possible. There are no limitations. Make use of this and put as many photographs as possible. Potential buyers will get attracted to your house by seeing these pictures and most likely end up booking an appointment to come see your place. There are tips on the internet which can guide you on how to click good photos for real Estate

Condition

We may not like it but people do ‘Judge a book by its cover’ and it is very crucial that your house looks clean and appealing to the potential buyers. This does not mean that you have to spend a lot of time and money in fixing your place up. You can focus on quick and inexpensive things like painting the walls, fixing crack, leaks, and holes. These things can be fixed at a minimal cost but will make a big difference to the way your house looks to the buyer.

Advantages of selling your house before foreclosure

  1. Keep your Credit Score Intact

We all know that a negative credit score can affect a person’s future financial and money lending aspects. So by selling your house before foreclosure, you will be able to maintain your credit score and prevent you from facing any financial crisis in the future.

  1. Avoid being Marked as a Defaulter

Foreclosure will cause you being marked in the system as a defaulter. This will drastically impact your chances of banks and organizations approving a loan to you. Being marked as a defaulter also affects your future options of being able to rent or buy a new property.

  1. Future Mortgages

Rather than being booked for not paying your mortgage, it is a smarter option to sell your house before foreclosure. If you get documented, as a person unable to pay past mortgages, it will be difficult to find someone willing to trust you with fulfilling future mortgages. Avoid all this hassle and sell your house before foreclosure.

We know that there is a lot to consider before making this decision but by selling your house before foreclosure, it will not only save you from a lot of hassles that will haunt you in the future but also you will be able to be happy, carefree and be able to live on your own terms once all this is behind you.

StarterPad Staff

One of the lovely StarterPad staff members has toiled away into the wee hours of the night to write this amazing piece of literature :)