If I Could Tell Homeowners Facing Foreclosure 3 Things, They Would be...
- Give yourself time, don't delay. I see homeowners facing foreclosure sticking their heads in the sand way too often. When they realize they actually need to sell, it's generally within a few weeks of their auction date. When time is running out, selling to a cash buyer could be your best option. Cash buyers usually purchase homes in as-is condition and can close in as little as 5-10 days. Last year, I purchased a property from a homeowner in Whittier that was less than a week away from having his home auctioned off. That was cutting it a little too close. Luckily, it worked out just fine. The seller walked away with cash in hand and avoided having a foreclosure on his record.
- You don't have to face foreclosure alone. I understand why homeowners sometimes ignore reality; the foreclosure process can be stressful and confusing when faced alone. If you have someone knowledgable on your side, whether it be an investor or realtor, it can make the process a lot easier. Just make sure that any professional you choose to work with has years of foreclosure experience on their side.
- Be realistic. Educated yourself on what your home is actually worth, not what you want it to be worth. Have a professional help you assess the value of your home. Many real estate professionals will give you a quick assessment for free (JenniferBuysHouses.com Home Value Estimator), but you can also have your home appraised (which generally costs about $400). Also, if you find out you owe more than your home is worth, you need to get in touch with your bank and/or a short sale specialist immediately. The short sale process can be very time consuming.