Do You Have to File Bankruptcy to Avoid Foreclosure?

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Foreclosure and bankruptcy are two of the scariest words for any home owner. However, if you are having serious financial difficulties and fear that you might have to declare bankruptcy to save your home, you may have other options. So instead of panicking and declaring bankruptcy in haste, consider your options and you may be able to retain your home without taking such a drastic step.

If a notice of default has yet to be filed or a notice of sale has yet to be recorded, bankruptcy may not be your best option. If you are having problems paying off your home, but are not overwhelmed by any other bills, then, again, there may be better options than bankruptcy.

The best thing any home owner who finds them self facing a possible foreclosure or bankruptcy, is to talk with experts about what their top prospects are. Meeting with an attorney to answer any questions you may have is a great place to start. Also, real estate agents are very knowledgeable in this field, so consulting with a professional in the real estate industry can help you find the option that is most suitable to your position. Because every instance of possible foreclosure is different, there are many different options the person facing foreclosure can choose from. The best thing to do is to arm yourself with insight into the problem and find the solution that is most pertinent to you.

5 Tips for Selling in Today's Market

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Selling a property in today’s market can be a daunting and stressful experience for any homeowner.

However, there are five easy, proven tips to lighten the load of selling your home.

Make Your House “Show Ready”

Living in a house and selling a house are two different things.   When you are going through the process of selling your home, make sure that the property is clean and ready for showings at all times.  Having sparkling counters in the kitchen and a fresh smelling bathroom can go a long way in making a great first impression to the prospective buyer.  By having a “show ready” house, this tells the buyer that you are a serious and dedicated seller.

Give the Buyer Some Privacy

As a seller, you want to avoid being present during the showings.  If you give the potential buyer some privacy, he or she will be more inclined to speak candidly about the pros and cons of your property.  Also, by vacating the property during the showing, the buyer is more easily inclined to imagine the house as their own.  They feel freer about rearranging furniture, envisioning which rooms their kids will be able to play in, and any other modifications they would like to make.  If the house is open to the buyer, they are able to start to feel like it could be theirs instead of yours.

Make Your House Available 

Never underestimate the power of a lockbox!  Many of the agents showing houses in your market are going to prefer to show a property that they know that they will have access to.  You want to have the most showings possible in order to sell your house quickly and the best way to have the most showings is to have an extremely accessible property.

Price Your Property Effectively 

The housing market is a very competitive entity.  It may seem very tempting to list the price of your house at a rate which will make you the most net dollars, but this is a mistake that trips up many sellers.  You want to make sure that your house is priced right to bring in the highest amount of net dollars AND at a price that will sell the property in the shortest time possible. When agents and buyers see that a home has been on the market for an extended period of time, they assume that there is something wrong with it. The National Association of Realtors has backed this up statistically.  The NAR states that sellers that price their property 10% above market value end up selling their property at as much as 6% below the market.  The numbers don’t lie!

Hire the Right Agent

Take time in finding the right agent.  The right agent should be someone you trust and the best way to find the right agent is to interview the candidates thoroughly.  Ask each potential agent about their experience in real estate and in the local market.  The right real estate agent can be worth their weight in gold and make the process of selling your home enjoyable.