Avoid Foreclosure: 3 Tips To Sell Your Home Faster

20 June 2017
 Categories: Real Estate, Blog

A foreclosure can remain on your credit report for a period of up to 7 years. For the average person, this means limited access to credit, increased credit card interest rates and maybe even denied employment. If you're facing foreclosure, knowing how to sell your home fast can help you avoid this type of scenario and the stress that comes with it.

Price Accurately

Sure, the number of bathrooms, the proximity to great restaurants and the amount of square footage in the home are all important features, but for the average buyer – cost trumps them all.

No matter how much a potential buyer loves the home, if they can't afford it, they will simply walk away. Get a buyer for your home faster by pricing it accurately. In terms of a foreclosure, it might even be wise to slightly underprice the home to sell a home fast. 

Learn the Art of Staging

Unfortunately, the average buyer isn't much of an expert in terms of creativity. When it comes to a property, they see what is presented and not much more than that. If the buyer doesn't like, or can't find themselves in the space as is, they are more apt to walk away. Learning the art of staging can attract the eyes of more buyers and maybe lead to a faster sell.

Start your efforts by understanding that less is more when staging. Clutter can be a big eyesore so keep it simple. Second, if your walls are in a more eccentric hue, such as purple, go for something more muted like a tan or white. These simple updates can make a big difference.

Forget Equity

In a normal sale, taping into the equity you've earned from your home is the goal. However, when you are facing the possibility of a foreclosure, you need to overlook this equity and simply let it go.

In this scenario, the goal is to sell and not necessarily to the highest bidder, but instead to the buyer who can close the deal the fastest. Think of it this way, the little bit of equity you gain from waiting for the highest bidder will not compensate for the years of credit issues you will have to deal with if the property forecloses.

In addition to these tips, an agent can help you sell your home faster and avoid a foreclosure so make sure you're getting the help you need. For more information, contact a business like Prime Properties Real Estate.