Nobody likes a foreclosure notice and all the negatives it brings with it. You might probably feel like you are done for and that it is the end for you. But fear not, there is still hope for you yet. You just have to play your cards well and you’ll come out of this mess unscathed. One option is to sell your house, use the money to pay your lender thereby mitigating the foreclosure while also protecting your credit rating. In this article we will give you five tips on selling a home before a foreclosure.
#1. Get legal advice.
Your first point of action when you get a foreclosure notice should be to get a lawyer preferably one with expertise in the real estate market. A lawyer can give you advice on alternative options you could take and the benefits of each option. He could also tell you how many days you have left to be evicted from the house.
#2. Find a savvy real estate agent.
After going through the unsavory process of selling the house you will most definitely need another house to stay in. Not forgetting you are probably short on cash, you need a really savvy real estate agent that can get you the right house at the right price with minimal fuss. This point is really important if you don’t want to go through another foreclosure problem because you need a house that matches your financial capabilities.
#3. Make your house appealing.
As you are probably in a rush to sell your house less you default on your loan, you need to add that little bit of gloss to your house to make it appealing to potential buyers. Free up space by getting rid of all the stuff you don’t need. Clean the place and freshen it up, give it a makeover. If possible give it a good paint job as that also helps in getting buyers through the door. Remember, looks do matter.
#4. Good Marketing strategy.
As much as it helps to make your house appealing to buyers it is not of much use if people don’t know about it. This is where you need to be very aggressive in marketing your house. Use any means available to you to get the word out. Outlets like social media and the internet can be very useful as they have a large audience. You can also tell a friend to tell a friend. The more people know about it the better your chances of selling your house on time.
#5. Keep in contact with your lenders.
Always give your lenders updates on how you are working on getting their money back. If possible, send them weekly updates on your progress and also make it visible to them that you are making extra effort to pay back their money. You never know it might buy you some much needed time.
To conclude, it always helps to know that there is a way out of a foreclosure. Try and get the right people around you like lawyers and real estate agents and also put in that extra bit of work on the property.