Hello again everyone, Today I will cover what needs to be done when selling a home in foreclosure.
When listing and marketing homes in foreclosure there are specific time limits in getting the property sold and closed before the end of the redemption period. The homeowner needs to understand they do not have the luxury of overpricing in hopes of getting more money because it may take longer to sell. They need to understand that when they are not making payments on the mortgage, the amount they owe keeps increasing every day. It is very important to price the home competitively for a faster sale to preserve as much equity as possible.
The homeowners will be charged a daily interest that will eat up any equity very quickly. You will also have the banks attorney fees added to the payoff amount.
It is important that a title seach is done right away on your property in order to know about all liens on the property. This gives us time to address any problems that may arise. With the time restrictions you can not afford to have delayed closings because of title problems. Time is NOT on your side during a foreclosure.
Don't forget to look for our future articles that will cover:
- If you should sell even if there is no equity.
- Choosing a Realtor
- Our philosophy and Goals for our foreclosure clients
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