How Sellers can Compete with Foreclosures.
If you’ve considered selling your home in a slow real estate market you may wonder if you can get a fair price for your home. Fortunately, you don’t have to be afraid of the rising foreclosure rate. Smart sellers know how to compete with foreclosures when selling their home.
1. Smart sellers ask for what their home is worth. You need to set your asking price based on the market value of your home. The bank wants to get as much money as possible for their properties. Their asking price for foreclosures is usually as close as possible to the current market value of the home.
2. Smart sellers make sure their home is in its best possible condition. Before your home goes on the market, touch up paint, replant the garden, and service appliances. If a foreclosed home is selling for significantly less than other homes in the area, it is usually because the home needs major repairs.
3. Smart sellers give information to their potential buyers. Tell potential buyers about home improvements and repairs, renovations, and the condition of major appliances. Don’t keep information from your buyer. Foreclosures are sold “as is” which means the bank is not making any guarantees about the property’s condition. Furthermore, lenders are exempt from disclosure laws so they aren’t required to tell buyers about any major problems with the home.
4. Smart sellers do what they can to expedite the closing. You should make the selling process as easy as possible for your buyer. Buying a foreclosure is a complicated process that can take weeks or months to complete. Most buyers simply cannot wait that long and deal with the extra paperwork involved.
5. Smart sellers know they may need to adjust the price. If your home stays on the market while others sell, you may need to adjust your asking price or offer something extra, like a home warranty, to the buyer. The real estate market is constantly fluctuating, and it is possible for your home’s market value to decrease while it is on the market.
Don’t let competing foreclosures keep you from selling your home. Let me help you sell your home for top dollar.
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