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Selling Your Home When Facing Foreclosure

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Looming foreclosures can leave you feeling helpless. However, it is still possible to sell your home and avoid the foreclosure, if you can move quickly enough. Of course, trying to sell a home while racing against the clock is never easy. But don’t worry: there are ways to get aggressive in selling your home quickly and for a reasonable price.

Of course, the first order of business is to price your home correctly. This means not trying to eek out every extra dollar of your home. When you’re looking to move a home on the market quickly, you’re going to need to under-price the competition considerably. At the point of facing foreclosure, you just need to take what you can get, especially if the home is perfectly fine and is comparable to other homes on the market.

However, you want to make sure that you get a real idea of what your home is worth, so that you’re not selling yourself short. Your real estate professional can help you with a Comparative Market Analysis (CMA), which will outline recently sold properties that are similar to yours, while also comparing your property to those that are still in pending sales, and others still currently on the market. Some experts will suggest pricing your home 10% below the price of the most recently sold home in your neighborhood.

The next thing to do is communicate with your lender. During a foreclosure, you will need to get the go-ahead from your lender in deciding how low you realistically you can sell the home. Ask your lender to give you some indication of how low of a sale price they will accept. If you are owing more than your home is worth, it may be best to complete a short sale application with your lender.

Even in the face of foreclosure, you can still sell your home quickly and avoid the black mark of foreclosure on your credit report. While it may be hard to accept many thousands of dollars less than what you paid for your home, your credit report will thank you, and you will be better off in the long run.