Due to the current economic time many homeowners are finding themselves facing a short sale or worse a foreclosure. Here are a few tips to help you prepare for the best of a bad situation.
•1. Don't blame yourself! Don't let pride and guilt cloud your judgment. Many companies are downsizing and or closing due to our current economic environment. Even people that are not direct victims of job loss or downsizing are being affected by the economic slowdown. These circumstances are in no way representative of anyone's character or their ability to provide for their families.
•2. Time is of the Essence! Timing is a huge factor in determining the difference between a short sale and a foreclosure. Sometimes it boils down to a matter of days. Try to keep from going into a state of denial. The quicker you can work through the process the better for all parties involved.
•3. Remember "It's just a house." Many people place a huge sentimental value on their homes and rightly so. It's where they raised their families. They built their dream home in their dream location. They completely renovated it themselves. And the list goes on. However, when facing foreclosure it is imperative that the homeowner move forward as quickly as possible. No one can take away the memories and that is what is most important.
•4. Get your property listed as soon as possible. Getting your home on the market as soon as possible works best. For the homeowner, taking a proactive approach will create a greater sense of well being for the homeowner and it makes it easier to work with the lender and or lawyers.
•5. Chose the right Realtor© to market your property. Again, "Time is of the Essence", so choosing the busiest Realtor® in town is not always to your best advantage. To them homeowners are often just numbers. Also choosing a Realtor© that deals primarily with foreclosures is not really a good choice either. They typically want to wait until the bank already owns the property, whereas the homeowner wants to get out from under the property with as little damage to their credit rating as possible. The best choice is usually a Realtor© that has a very aggressive marketing plan. They should advise you to list the property at around two to three percent below market value and pay an above average commission to the selling Realtor©. This will facilitate a much quicker sale for the home owner and allow the homeowner to move on with their lives. Ultimately the sales price and the commission will be up to the lender to accept, renegotiate or decline anyway.
The steps I've outlined here are mostly mental. It is so very important for a homeowner facing a short sale or foreclosure to get their head wrapped around and come to grips with the inevitable as soon as possible. The quicker they can put the process behind them the quicker they can begin to heal.