What You Can Do With Your Warren Home While Facing Foreclosure

by Sep 15, 2021

For a lot of Americans, foreclosure is an unfortunate reality: more often than not, homeowners either file for bankruptcy or lag behind mortgage payments because of factors out of their control. That being said, when foreclosure starts becoming more and more likely, it’s best to sell your home so as to at least reduce your liabilities with your lender.

In Warren, MI, finding a cash home buyer is often the best decision that homeowners facing foreclosure can make, not only because of the great price they can get, but also because of how fast the transaction can be. And when you’re facing foreclosure, selling your home is all about selling it quickly.

Because you need to move fast, it’s always best to have everything about your sale prepared so that the transaction requires less haggling and paperwork as possible. To do this, there are three things for homeowners to focus on: Properly pricing their home, marketing it appropriately, and upping your property’s condition.

Price Your Property Properly

If you want sell your house in Warren, Michigan, you’re going to have to make sure that your property is priced appropriately so as to avoid any needless back-and-forth between you and your buyer. Remember: you need to price your house according to its fair market value; that is, the price that property’s comparable to yours are putting on their listings.

It doesn’t matter if your fair market value is lower than what you initially paid for: take the L and focus on selling. It’s better to lose out on a few thousand dollars than to completely lose your home to a foreclosure and get that dreaded seven-year-long black mark on your credit report.

The name of the game is speed, and for that, you’re going to have to price your house aggressively. In this context, ‘aggressive’ pricing means low pricing: be prepared for offers that are below your home’s fair market value. That being said, you don’t have to deal with lowballers, but you do need to deal with honest cash buyers who might have a more limited budget.

To get your home’s fair market value, it’s always best to deal with professionals, whether it’s a professional cash buyer, real estate agent, or tax assessor. You need to make sure that your pricing is accurate for two reasons:

  • It lets you know the fair price for your home right now
  • It lets you know how low you can actually go

Again, when facing a foreclosure, a short sale is always going to be better than a no sale.

Marketing Makes The Man (Or, In This Case, The Sale)

Appropriately pricing your house is the first step to aggressively marketing your property, but it’s not the only step. In general, this is the responsibility of a professional real estate agent of your choice, and this means listing your property on real estate websites, social media accounts, and newspapers. Make sure your agent leaves no stone unturned.

Next, make sure you have as many photos of your property as possible. When it comes to marketing houses, you can never have too many photos. Take as many photos of your property as possible, covering every breakfast nook, cleaning cranny, doors, closets, ceilings, bannisters, etc. The more photos you provide, the more likely a buyer will come in to see the house themselves. It’s best to consult with a professional real estate agent photographer who specializes in real estate photography.

Finally, be prepared to offer creative perks or concessions for would-be buyers. Remember: because you’re selling at a reduced price, the people you’ll be dealing with will often have limited budgets. Talk to your agent and come up with financial perks buyers can get, like mortgage assumption (with your lender’s consent, of course), closing cost credits, or a lease with a buy option. Anything to help you make the sale.

Fix Up Your Façade

Foreclosures in Warren, MI take about the same time as other foreclosures in different states, which means that you won’t have much time before the foreclosure becomes a legal decision. This means that completely renovating and/or overhauling your property is out of the question, but it doesn’t mean you just leave it all to chance.

Take a mental note of all defective, broken, or worn-out parts of your home, especially the visible ones, and patch these up as best as possible. Buyers might be turned off by these, as they will wonder what else has been neglected in the property.

If you do have a little bit of extra time and money, make minor improvements like repairing leaky pipes or replacing broken appliances. Fixing up your home from livable to comfortable goes a very long way into making the sale.

In general, empty property’s have a harder time selling than furnished ones, but battered and tattered furniture will do you more harm than good. Remember: you’re not just selling a house that’s about to be foreclosed, you’re selling someone their future home.

We’re Here To Help

When it comes to finding a cash home buyer in Warren, MI, Select Home Solution has the necessary expertise to help determine the best deal for your foreclosed house. Contact us, today, and we’ll talk you through the process of selling your home in Warren, MI, and how we can help you find the fairest market value for your property.

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