If you want to sell your home to avoid foreclosure, learn how to market a pre-foreclosure sale to entice buyers.
Deciding to sell your house before the lender can foreclose on it can keep a foreclosure from ruining your credit. If you have decided to take this step, you need to know how to market a pre-foreclosure sale. Marketing your house lets you show buyers why they would want your house, and it can help you sell your house faster.
A pre-foreclosure is significantly different from a foreclosure, because you still own your house. No matter how far behind you are on your mortgage payments, you can still sell the house. The first step involves contacting your lender. Ask your lender for permission to sell the house in preforeclosure in exchange for the lender canceling the foreclosure or giving you more time. You typically need to make a formal written agreement with your lender before you can sell your home in pre-foreclosure. The lender might only agree to the sale if you sell it for a certain amount, so find out what the minimum sale price should be.
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Before you start looking at how to market a pre-foreclosure sale, you need to determine the value of your home. Hire an expert appraiser, or request an appraisal from your real estate agent. Depending on how fast you want to sell your home, you might reduce the price to less than the house is worth, but your lender will likely dictate that bottom price. You can also hire a home staging expert who will remove objects and furniture and add new pieces to make your home look more welcoming and appealing to buyers.
You can sell your home in a number of ways. The method you decide to use will determine the home marketing tips that work for you. If you decide to sell your home online through Craigslist, eBay or another website, you'll want to focus on taking clear and accurate photographs of your home's interior and exterior. Regardless of how you sell, you need to get your home in the best condition possible. This involve cleaning, making a few minor repairs and removing personal objects from the house. You can also market a pre-foreclosure sale by sending out fliers, advertising in the local newspaper, and placing a for-sale sign in front of your home. Consider working with a real estate agent who specializes in pre-foreclosure sales and can do most of the advertising.
You can avoid a foreclosure by working out an agreement with your lender that lets you sell your home in preforeclosure. Use Reply! to find a real estate agent experienced in pre-foreclosure sales.