If you are at risk of foreclosure, you aren't in a hopeless situation, but no question about it, time is of the essence. As soon as you realize you are headed for trouble, it's time to develop a game plan. Your strategy will vary according to what you want to do and what you can do. If you realize that you can't afford the home and the costs to maintain it, a quick sale of your Las Vegas home might be the best course of action.
In these times, that may sound like a cosmic joke, but even now, sellers have control over three things: pricing, marketing, and condition. The price of control is abandoning the thought that you will necessarily be able get top dollar for the home. You must keep in mind that the goal is to unload the house so you can avoid foreclosure and move on.
Regardless of what you paid for your home, its fair market value has undoubtedly declined. Forget about the original price and contact a real estate agent who can show you "neighborhood comps" - records of what other homes in your neighborhood have sold for. Be prepared to knock your asking price down at least 10% to give your home a competitive edge over your fellow seller. If this puts you below what you owe, the reality is this: new buyers will not pay more than the current market value just because you need to get a certain price. This means you may have to approach your lender for a short sale application and see how low a price they might be willing to accept.
Given that you are selling due to a financial issue, you may not have the money or even the time for major remodeling. Focus on cleaning the place up, painting, and doing the little things that could detract form the home in the eyes of buyers. Get the commitment of every family member to keep the house neat during the selling process. Your Realtor® will help you make the choices you may need to make the home look its best on a limited budget.
Though your agent will market the home as part of his job, you should make sure your home is heavily marketed on the internet. Sites like Craigslist, FrontDoor.com, Yahoo, Zillow, Trulia, and Realtor.com offer free or low cost listing options, plus syndicate to other sites. Upwards of 80% of potential homebuyers pre-shop for home online, so your home needs to be there - and be there with lots of pictures that show your home in its best light. You may still be working on a fixing a few minor things, but clear pictures of clutter-free rooms can whet the appetites of potential home buyers searching for a home at your price point.
Hopefully, a buyer will appear with good credit and a fast timeline like your own. If the buyer is having trouble with the purchase, your agent can help you offer incentives, such as offering to help with closing costs. In some cases, the new buyer can assume your loan (with the lender's ok) or lease with option to buy.
Need to sell your home fast to prevent foreclosure? Yonas Woldu can help you make ths happen.
N & Y Team
Yonas Woldu Direct: (702) 236-8997
Fax: 702-898-9738
www.VegasRealProperty.com
www.askyonas.com
Click here to get a market snapshot of your home value!
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