If you are a homeowner trying to avoid foreclosure, you have many options available to you. Depending on your situation, some may work better than others. You need to look and your individual circumstances before deciding on an option. One of the main choices one considers, when trying to stop foreclosure, is to sell their home. With this comes into question if you should list your home with a Realtor.
This is a good question and there are a few things you should realize when listing a home in foreclosure with a realtor. First is how much time you have; how fast are you going to need to sell it. Are you officially in foreclosure or are you worried about facing it in the future. If you are already deeply in foreclosure and the house is about to go to auction, then wasting time with a real estate agent is not likely to be much help. If you are still in thepre-foreclosure stages then going with a real estate agent may be a good idea.
Before you sign with a real estate agent, call your lender and let them know your intentions to sell the home. It is better to keep your mortgage holder in the know and not try to hide anything from them. If your home doesn’t sell you may be asking for there help in the future. You can also ask for a mortgage forbearance, where the lender agrees to give you a short time to bring the mortgage current before proceeding with the foreclosure. Usually you can gain about 60 days, so make sure to list the house with a Realtor as soon as you make that decision.
The perk to using a Realtor, is that they have a lot of knowledge in the housing market and can give you an idea on how quick the house will sell and for how much. They have a good idea on how long homes, like yours, have sat on the market before they have sold. This is important knowledge, so you can sell your house before it goes to theforeclosure auction.
Also a real estate agent will be able to let you know what unique properties your house has, compared to other homes in the neighborhood and what kind of price difference it will make. Knowing that number and adjusting for differences in the properties value can mean the difference between selling your home and facing foreclosure.
If you have some equity in the home, this is better when considering working with a Realtor. The more equity in the home the better and the more likely that an offer will be made on the home that is good enough to accept. Ideally you would like the equity to cover the amount of any liens against the property and closing costs. Otherwise, you should be considering selling your home with a short sale.
If you are looking to work with a Realtor, the first step is to find one that has a good record for selling homes quickly. This is especially true if the foreclosure time is creeping along and you are getting close to the auction. The only disadvantage is most Realtors who are skilled at selling homes quickly will charge a commission fee of six percent. Still this is better than aforeclosure being on your credit record.
By using the form on our site, we can help you find a Realtor who specializes in selling foreclosure homes and can help you avoid many of the downfalls associated with foreclosure. Don’t waste anymore time and get started today!
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