Selling a Home in A Foreclosure Market

By
Real Estate Broker/Owner with RE/MAX Results

One of the most difficult challenges I see clients facing today is selling their home in a market with a lot of foreclosure properties. Medford, Malden, Revere, Everett, and Chelsea all have a fairly high number of foreclosures compared to the larger Massachusetts real estate market.  If you have to sell your home in this market,  you do have options. And in many cases, you can actually use the fact the home up the street has a "foreclosure" sign on it to your advantage.

 Especially if you need to sell your home quickly, having to compete with bargain-priced homes-often on the same street-is not easy.   Bank owned properties almost always come at a discount, and in many cases they are in very good condition. 

 If you do find yourself in this situation, you have some very good options.  First-don't panic!  It can be hard to do when you see that "foreclosure" sign go up in front of your neighbor's old house.  You may find yourself worrying about whether or not your home will sell at a good price-or at all.  Don't worry.  That's completely natural.

It's important to realize that many home buyers flat-out refuse to look at foreclosed homes. There is a strong stigma attached to them in the mind of the general public. It's totally unjustified,  because in most cases a bank owned home is just, well, a home.  But the people looking at your house may be very strongly opposed to buying one.

 Also, many agents will try to "sell against" the idea of buying a foreclosed home. Although it's strictly against the Realtor TM Code of Ethics, some agents strongly discourage their buyers from looking at foreclosures.  Why?  Well, the banks can be difficult to deal with-and in some cases, they've been known to cut an agent's commission at the last minute.  As a result, a good number of agents prefer to work with home sellers like you.

So as you can see, it's not the end of the world if you have to sell your home in a market with a lot of foreclosures.  Yes, it will likely take longer-but if you have a good agent and a good marketing plan, you can usually sell fairly close to your asking price. 

That said, it's extremely important that your agent does a full 30-point marketing plan-including a heavy dose of online marketing-to make sure your home sells on your schedule.  Be sure to ask your agent exactly what they'll do to make sure your home doesn't get lost in the foreclosure shuffle. And if they don't do exactly what they promised, find a new one.  You can't afford to risk losing money on your home because of poor marketing.

If you're selling a home in Medford, Malden, Everett, or Revere and you'd like to get access to dozens of free special reports--and potentially save thousands of dollars when you buy or sell a home--please visit my website at http://www.FlynnTeam.net .  You can also call my office directly at 781-395-4000.  I'll be more than happy to answer any real estate related questions you may have.

Brian Flynn

The Flynn Team

RE/MAX Results

www.FlynnTeam.net

781-395-4000

Comments (2)

Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good luck. And if you ever need an agent in the upstate of South Carolina, please call me.

Aug 05, 2009 03:45 PM
Sergio Rebollo Jr.
Real Estate TeamMates - Miami, FL

Brian......Welcome to ActiveRain. This is a great community to network with others as well a great place to learn from other's experiences and knowledge. I've enjoyed it; I hope you enjoy it as well.

Aug 08, 2009 03:15 PM