If you have purchased a house but are still paying it off and are unable to pay your mortgage, you possibly might be foreclosed on by your bank or other lender. This means that the person who lent you the money to purchase your house will be able to seize control of your house again, therefore making all of the money that you put into your home worthless. This is tremendously frustrating because you may have put months of your paycheck into the mortgage payments and down payment, but will still be in debt. Here are some tips for selling your house before you get foreclosed on in order to recoup some of that money.
1. Talk to Your Lender
Your first step is to talk to your lender and see if he or she would be willing to work with you on a short sale. A short sale of a home is when you put it on the market for a short period of time at a lower amount than it is truly worth. This will allow you to sell your house quickly. In many cases, you will be able to convince your lender to take whatever money you make on the sale and release you from your mortgage. Your lender will know that he or she is going to lose money from this sale. However, he or she stands to lose much more money if you should need to be foreclosed on. This prospect will make your lender much more willing to hear you out.
2. Get a Real Estate Agent Specializing in Short Sales
In order for this to work, you need to be able to sell your home before you qualify for foreclosure. You can increase your chances of doing this by talking to a real estate agent or company, like House Hunterz, that specializes in helping people make short sales of their house. He or she will be able to judge the market and get you the most money for your house as quickly as possible, as well as promote your house to increase the chances that it will be sold in a very short period of time.
3. Get the Contract Set Up
Finally, get the contract set up and make sure that it releases you from any deficiencies that might occur between the amount of money that you actually owe the lender and the money you get from the house being sold. Consider hiring a real estate lawyer to make sure that you are not responsible for any deficiency.