Facing Foreclosure? If You Have Time and Equity, List With a Realtor
If you are behind on mortgage payments or facing foreclosure you may be able to list your home with a realtor to avoid foreclosure. Listing with a realtor can some times be a good option for people who have time on their side and a house in a desirable market in good condition. This option is a good alternative and may result in a homeowner getting “market value” for his or her home while stopping foreclosure and getting a fresh start. This is all assuming the homeowner wants to move out of his or her home.
However, there are some downsides of listing with a realtor. If the homeowner does decide to try to list his or her home on the market he or she must be prepared to pay the realtor’s commission. Remember that the seller usually pays BOTH the listing and buyer’s agents’ commissions. This frequently can cost 6% or more. Imagine if you sell a $300,000 property - that is $18,000 in commissions alone! Furthermore, as the seller, the homeowner must first make the house look presentable, deal with buyers and be willing to show their home at all times with no guarantee anyone will buy the home in time to stop the foreclosure.
If the homeowner is lucky enough to get an offer before the foreclosure auction date, remember that buyers are picky people, and will make an offer subject to a home inspection. The inspector will spend 3-4 hours going through the homeowner’s home with a fine-toothed comb. If they find anything “wrong” with the property, the homeowner must be prepared to fix it, and to have the funds available to do the repairs (or hire a professional to do them). If the homeowner is already behind on his or her payments he or she may not have the time to list his or her home with a realtor.
Sometimes if a homeowner realizes he or she is on the road to a potential foreclosure and begins to mitigate this problem right away there will be time to list with a realtor and maybe even walk away with some of the equity from the property. If a homeowner has the time and ability to list his or her home with a realtor the homeowner should work with a realtor who knows the market area and can help get top dollar for his or her home. It’s important to find the right company to help the homeowner list his or her home and sell it in the shortest time possible with the highest return possible.
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