Four Things to Keep in Mind When Selling Your Distressed Property in South Jersey
There are some things to keep in mind when you are trying to sell your distressed home. Listing with an agent or as a FSBO (For Sale By Owner) can be tiresome and take up a lot of your time. Property Buyer Connect can help you with the sale of your home. We will save you time and money, so you can focus on finding another South Jersey property or plan on relocating.
Distressed properties could be pre-foreclosure, foreclosure, forbearance, short sales, REO, have tax liens, or they could just be in bad shaped. Without any action plan by the homeowner, things can go downhill fast.
Should you find yourself in a sticky situation, there are a few things you’ll need to keep in mind when determining if you should sell your South Jersey distressed property.
You May Owe Money Even After The Sale of The House
Often, the debt remaining on the mortgage does not get satisfied by the sale. This is called a deficiency balance. You may end up in a short sale, but unless it is agreed in advance, you could still owe the debt. Not to mention, there could be tax obligations as well.
Time Is a Factor
With every passing week or month, it gets more complicated to get out of the situation. More money owed as well as certain deadlines could mean that pretty soon it is too late. When considering dealing with your South Jersey home, don’t hesitate. Try to gather the facts, make a decision, and act on the decision you made.
Handling Weak Offers
If you do list your property for sale, on a South Jersey MLS or South Jersey FSBO site like Zillow, you will get a lot of calls. Some calls will be from realtors trying to list your home. Others will be from people who offer you low ball offers. If you do wind up going under contract with a buyer, chances are they will be applying for a mortgage. A mortgage just delays the buying process and there is no guarantee that the buyer will be fully approved until halfway through the sale or longer.
Properly Pricing Your Property
Pricing is an extremely important part of the sales process. Too high, and it will take to long to sell. Too low, and you won’t get what you deserve. Especially in a market like South Jersey or even all of New Jersey, the market can get competitive or non-competitive quickly. It is important to expect a fair price on your property, depending on condition, and know what that price is. You must keep in mind, however, that distressed properties will always go for well under market value, to take into account the obvious issues with them.
As you can see, dealing with a distressed property in South Jersey can be tough! There’s no guarantee that it will sell if you list it. Why not give a homebuyer like us a call? If you don’t like the offer, you don’t have to take it. We will help you streamline the process.