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.
The Flynn Team