Foreclosure is the word that all homeowners would not want to hear ever in their lives, but the fact is, financial troubles can hit anytime, and when you’ve got no money left to pay for your mortgage anymore, it’s a reality that you’d have to deal with eventually.But, while many New Jersey houses that are up for foreclosure end up getting seized by the lenders, there are ways to prevent that from happening and still be able to get a bit of money out of it.
Below are ways that can help you get your New Jersey house sold fast before it gets foreclosed:
1. Hire an Experienced Real Estate Agent
Just like you’d hire a real estate agent specializing in Bergen County to handle Bergen County real estate properties, you’ll want to hire someone who specializes in foreclosed homes.
These types of real estate agents will try their best to provide you with the best rates for your foreclosure property and how to get them. They also work fast and can get your house sold in a short period of time. Of course, these agents will come at a premium price, but that’s okay when you consider that the other possibility of losing your house for nothing.
2. Talk to the Lender
Lenders definitely don’t want to deal with the foreclosure process. It’s lengthy and it’s time consuming. However, other than the fact that they’re usually willing to negotiate and restructure your original deal, you can also approach them if you plan on selling your house well before it gets foreclosed. Most won’t mind helping you out. In fact, you’d be surprised as to how willing they will be to help you complete the documents well ahead of time.
By working things out with your lender, you help ensure the possibility of a short and quick sale.
3. Sell It To a Direct Buyer
Selling it to a direct buyer won’t help you get the best rate for your home, but it will save you a lot of time and effort. Although there may still be plenty of legal procedures that you and the direct buyer have to fulfill for the sale to go through at a reasonable rate, it is still much better than holding a lengthy auction or having the property listed for sale with the help of a real estate agent.
Remember, it’s not about how much money you can make from a property that’s up for foreclosure; it’s about getting something out of it as fast as possible.
Of the three options, going to a direct buyer is the simplest and most straightforward way. While listing is a good option, there are plenty of other houses for sale in Bergen County NJ that you have to deal with and only a few of those are up for foreclosure. Meanwhile, by going to a direct buyer, you keep the process quick and easy, allowing you to focus on other things instead of wallowing about how you’re going to deal with a foreclosed home.