If you need assistance, please call 509-590-4701

Selling Your Home Ahead of a Foreclosure

Monday, February 25, 2019   /   by Jo Skipper

Selling Your Home Ahead of a Foreclosure

Selling Your Home Ahead of a Foreclosure


No one can ever tell you what the market will be tomorrow or next week.  If they try to pull that nonsense with you then they are straight up lying.  Because we are not able to see into the future we can sometimes get ahead of ourselves in financial matters.  Some people assume that the strong seller’s market will continue and home prices are going to continue to climb.  Others get behind because of hardship like a loss of income or serious illness. Whatever the reason is, you are behind or going to fall behind on your mortgage payments and you feel stifled by the thought of losing your home.   Take a minute to think things through and breathe. Circumstances dependent, you and your credit may be able to exit this situation unscathed.


When you begin to feel the pressure or overwhelmed by the financial weight of your home.  Research the market. Be proactive in the situation and call a professional who can give you an honest opinion on the current market conditions.  Make sure you have an agent who you trust and who knows what they are doing and the experience to guide you through this process while providing straightforward facts and figures as the what costs you can expect in the process.  This individual or team will discuss the current market climate in your price range and give recommendations for the price and expected timeframe to sell your home. While this is not guaranteed it will provide a frame of reference based on previous sales in your market.  Also, develop a game plan as to when you need to change direction. Time is of the essence so again, be proactive during the selling process. Selling your home can actually turn the situation around and provide you with a positive outcome.


If you are proactive in this process you may be able to sell your home on the regular market.  Chances are if you purchased your home even two years ago there is significant equity in your home that will help you come out on top.  Most homeowners in trouble are in eternal denial that they will be able to save the home on their own without any assistance. I get it, it's embarrassing.  We all want to do that, however usually when it gets to this stage that process is best navigated with the assistance of a professional. You will be barraged by any number of investors all the way through the foreclosure process looking to buy your house for the bottom dollar.  Yes, being rid of your property is the goal but do not walk away from your chance at taking your hard-earned equity with you.


With your real estate professional work through your title report and your mortgage documents.  Know the debts that are owed on the property. As a seller, you can be proactive in the inspection and appraisal process to make sure you get the most value from the sale of your home.  You may not have much money to work with but you can maintain the cleanliness of the property and the functions of the structure. Do not let the property fade into disrepair as the bottom line will suffer.  


Now you have decided to list the property for sale and you begin to receive offers.  Imagine what that feels like? People are interested in the home that was going to bury you.  Your accepted offer has been properly vetted. As you have discussed the contract process with your real estate professional you and the buyers know what to expect in terms of the inspection process so no one will be walking out of the sale.  The selling process is coming to a close and soon this beautiful home burden will no longer be yours just as you wanted. Be sure you are not feeling rushed or hustled in the process. There are people who prey on distressed homebuyers. Have your goal in mind and stay afloat throughout the process by acting quickly.  Remember, many people are faced with this same situation. This is a thing that happened and can be handled. Move on.


However, if you choose to wait and not sell ahead of the trouble, your home will be sold at the courthouse.  All of the equity you earned will go back to the bank in the form of fees and payments. Don’t let that happen to you and your future.  The market will not always be a strong seller’s market and it is best to know when to take action.

 

  spokane real estate, selling home, home selling, buying and selling a home, home seller tips, getting ready to sell, tips, home value, haven real estate group, listing, negotiation, transaction, return on investment, jo skipper

Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by the MLS.
MIMLS The data relating to real estate for sale on this web site comes in part from the Spokane Association of REALTORS® MLS. Real estate listings held by brokerage firms other than Haven Real Estate Group are marked with the IDX logo. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Haven Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Copyright 2019 of the Spokane Association of REALTORS® MLS. All rights reserved.