Tag Archives: foreclosure

Things to Know When Selling a Distressed Property

When you are selling a distressed property for a client, you are under a lot of pressure. Your seller is usually desperate to sell the home as soon as possible because of impending foreclosure. In many cases, the house may be in poor condition, which may make it more difficult to sell it quickly. Here are three things to know when you are selling a distressed property.

1. Be Supportive of the Seller

Your sellers are often between a rock and a hard place and under a lot of stress. They are trying to avoid foreclosure, which will further destroy their credit. Having a bank trying to repossess their home can be extremely painful, as there is the additional worry about how they can afford to move their family to a new residence. You can help make this process smoother by helping them get the best price for their property. Don’t pressure them to accept low-ball offers from deal hunters. And never let the buyer know how desperate your client is when selling a distressed property because that gives the buyer the upper hand.

2. Know Your Customer

Make sure that you are marketing the house to the right buyer. Short sales can go through quickly or be drawn out. When the home is priced low, it may be attractive to first-time buyers, but they must have immediate funding for escrow as well as sufficient funds to close by the bank’s designated closing date. Banks often balk at granting extensions when selling a distressed property.

A drawn-out sale can present a problem for a buyer who needs to be able to move into the house sooner rather than later. For example, if you have a potential buyer who is at the end of a rental lease, he or she might be better off looking at homes that are not bound by the complexities of a short sale. A house that requires extensive repairs in order to earn a certificate of occupancy can present further complications.

3. Talk to the Banks

Banks would rather recoup their money through a sale than a foreclosure. Therefore, try to get the bank to work with you and your sellers if they are unable to afford their mortgage payments. It benefits both parties.

If you’re interested in dealing with distressed properties, it helps to make friends with the big lenders. They often want to move distressed properties quickly and may be willing to list some, if not all, with you if they trust you. It is a good idea to have credentials such as Certified Distressed Property Expert or Certified Short Sale Agent.

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Simple Solutions to Selling Your Home

A lot of things can go wrong when you’re trying to sell your home. Although many so-called experts talk about how easy it is if you just do the right things, like proper staging and curb appeal, the reality can be quite different. It’s frustrating to sit on the sidelines and watch as other houses in your town get purchased almost as fast as they’re listed, while you’re languishing in debt and frustration. But you’re not alone. Do any of the following scenarios sound familiar to you?

Your House Is in Poor Condition

If you suffered a job loss or a medical emergency that ravaged your savings, you know how easily a house can slip into disrepair. A small leak in the roof turns into multiple leaks or even mold. One loose shingle leads to several, and before you know it the entire cladding needs to be replaced. The old furnace that used to get you through the winter has died, and the window seals have broken, leaving foggy windowpanes everywhere.

No sane buyer would ever want to buy a house in that condition, right? Actually, someone might. At Simple House Solutions, we can take a look at your house and make you an offer right away in spite of the state of disrepair.

The Neighborhood Has Gone Bad

When you bought your house years ago, the neighborhood was decent or even great. Since then, however, your neighborhood has gone from good to bad to downright dangerous. The real estate investment that you thought would keep increasing in value is now costing you money. Worse, your kids are stuck in a bad school district and you no longer feel safe in your own driveway.

This situation is out of your control. Unfortunately, it’s a common one across the country. There’s no reason to stay a minute longer than you have to. Give us a call, listen to what we have to say, and, if you like it, we can come to an arrangement that is mutually beneficial.

Impending Foreclosure

Look, no one’s perfect. Lots of upstanding homeowners got into trouble after the big economic downturn. Maybe you overspent or missed a payment and then it all went downhill from there. The point is not to blame. The point is to get you out of a bad situation before it gets even worse.

We aren’t shy about getting involved with a house that is pending foreclosure. No matter where you are in the process—whether you’ve just received a warning letter or proceedings have already begun—give us a call. We can offer you creative solutions that will let you easily get on with your life.

No Desire to Pay Commissions to an Agent

Real estate agents charge what can feel like an exorbitant amount to a homeowner with limited funds. Not only that, but the buyer’s agent gets his or her share, too—out of your pocket. Although that system works for some people, it’s not necessarily in your best interests financially.

With our company, you can avoid realtor’s fees. You sell, we buy. That’s it. We offer simple solutions to selling your home that you can live with.

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