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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] If it's yours, you can sell it. Posted by Sean on April 28, 2003 at 2:34 PM In Reply to: Some questions about selling a house before it goes into Foreclosure posted by Rachael on April 28, 2003 at 12:53 AM : If the house appears to be heading towards a foreclosure, I am sure this is disclosed to potential buyers right? No. Many houses for sale are in danger of foreclosure. That's WHY they are for sale! Besides, the typical home buyer isn't watching foreclosure notice services. And the typical buyer's agent isn't sharp enough to tell their client "Make a low offer, they are under threat of foreclosure." : Wouldnt it make more sense for them to wait until it has, and try to get it then? For foreclsoure investors, that's true. But "retail buyers" in the hands of sales agents will pay retail for a house. If you still have time to clean it up yourself and put it on the market, and can somehow come up with another 3 or 4 months of payments, try to do so. : The reason I am asking is, I would like to avoid the foreclosure at all costs, and just sell the house prior to that. But we arent even sure how you go about that if you are in the process of being foreclosed upon. Sorry for the babbling post, very very new to all of this. It is true that some real estate listing agents don't like to market houses under threat of foreclosure. But that's from their own lack of understanding of the process. A sales agent that handles REO properties may be more comfortable listing your house, and have a pool of investors willing to buy you out. The investors won't offer you what the general public would, but if you goal is mainly to sell, at least it will be accomplished. You might try a search engine like www.reonetwork.com to locate an agent, rather than just picking one out of the phone book. : The house is in Cathedral City, CA.. near Palm Springs. We owe approximately 149,000 on it and the value of the house should be around 180,000. No secondary debt? (Car loans, home line-of-credit, etc?) If the house sells for $180k, subtract the Realtor's fee and closing costs and you're down to around $165k to apply towards debts. Subtract the $149k mortgage, and you'd have around $16,000 in equity. All houses (no matter how nice) need a little prep work before putting them up for sale. So if you spent less than $16,000 for the repairs, it would be possible to sell the house and get money out of it. You may have other options, too. You might be able to sell the house as FSBO and spare yourself the Realtor's fee entirely. Or rent it out, until you are not under as much pressure to sell. But definately research every possible way to sell before foreclosure. A foreclosure would be on your credit for several years. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : If the house appears to be heading towards a foreclosure, I am sure this is disclosed to potential buyers right? : No. Many houses for sale are in danger of foreclosure. That's WHY they are for sale! Besides, the typical home buyer isn't watching foreclosure notice services. And the typical buyer's agent isn't sharp enough to tell their client "Make a low offer, they are under threat of foreclosure." : : Wouldnt it make more sense for them to wait until it has, and try to get it then? : For foreclsoure investors, that's true. But "retail buyers" in the hands of sales agents will pay retail for a house. If you still have time to clean it up yourself and put it on the market, and can somehow come up with another 3 or 4 months of payments, try to do so. : : The reason I am asking is, I would like to avoid the foreclosure at all costs, and just sell the house prior to that. But we arent even sure how you go about that if you are in the process of being foreclosed upon. Sorry for the babbling post, very very new to all of this. : It is true that some real estate listing agents don't like to market houses under threat of foreclosure. But that's from their own lack of understanding of the process. A sales agent that handles REO properties may be more comfortable listing your house, and have a pool of investors willing to buy you out. The investors won't offer you what the general public would, but if you goal is mainly to sell, at least it will be accomplished. You might try a search engine like www.reonetwork.com to locate an agent, rather than just picking one out of the phone book. : : The house is in Cathedral City, CA.. near Palm Springs. We owe approximately 149,000 on it and the value of the house should be around 180,000. : No secondary debt? (Car loans, home line-of-credit, etc?) If the house sells for $180k, subtract the Realtor's fee and closing costs and you're down to around $165k to apply towards debts. Subtract the $149k mortgage, and you'd have around $16,000 in equity. : All houses (no matter how nice) need a little prep work before putting them up for sale. So if you spent less than $16,000 for the repairs, it would be possible to sell the house and get money out of it. : You may have other options, too. You might be able to sell the house as FSBO and spare yourself the Realtor's fee entirely. Or rent it out, until you are not under as much pressure to sell. : But definately research every possible way to sell before foreclosure. A foreclosure would be on your credit for several years. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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