It happens to us all at one point or another, things start getting tight and we begin to fall behind on bills. When you fall behind on your mortgage payments, however, your lender will eventually threaten and ultimately proceed with foreclosing on your home. Whether you understand the process or your options for navigating it, facing foreclosure is a stressful event that can best be shortened via direct sell.
What Is A Direct Sale?
A direct sale is one where the seller sells directly to the buyer without the use of real estate agents. Direct sales are typically done when the seller is a little behind on their monthly mortgage payments and wants to avoid the monetary hit and damage to their credit that invariably come from foreclosures or even from short sales.
Essential Steps To An Effective Direct Sale
Since time is of the essence, once you find yourself looking to make a direct sale, you need to take all the necessary steps in as efficient a manner as possible. Whether you do it yourself or hire help, you cannot afford to skip any of these critical steps when selling directly to avoid facing foreclosure.
1. Out With The Old. Buyers need to be able to imagine themselves—including their furniture and their family—in your home. This requires creating a fresh environment where the home is free from clutter, personal effects, pet and cooking smells, and anything else that could distract from the home’s best features.
2. Conduct Inspections. Inspections should be scheduled as soon as you decide to pursue a direct sale to ensure they can be done during your timeframe, but they should not be conducted until after you have cleaned the house and cleared it from clutter. Ideally, all inspections should be done after all home furnishings are removed, where there is nothing to interfere with the inspector’s ability to view and access all needed areas.
3. Assess Your Home’s Value. Once the inspections are complete, you can get an idea of what it will take to get your home into sale-ready condition based on your target sale price. If you do not have any cash to work with and will have to sell in as-is condition, you should have an idea of what the buyer will have to put into the house, which can help you negotiate from a more informed position. Assuming you do have some cash to make updates or repairs, you can prioritize those expenditures based on what will add the most market value for the least amount of your upfront time and cash.
4. Make Prioritized Repairs And Updates: Since direct sales are generally made to cash buyers who do not, themselves, intend to use the property as a personal residence, the home’s facade tends to be less important than the bones. If you are forced to choose between replacing some pipes or fixing roof damage and repainting the garage, your best bet for a direct sale is to make the repairs and hold off on purely cosmetics updates.
5. Hold Open Houses And Office Hours: Once you’ve listed your house for sale, you need to get people to see it. List your open houses online, and be sure to put a sign in your yard—do anything you reasonably can to let people know your home is for sale. Remember, however, that not everyone will be able to make your scheduled open houses, so be sure to let people know you are flexible and happy to show the home by appointment as well.
Saving Time And Get It Right With A Direct Sale Service
The direct sale route could very well be your best option if you are struggling to make your monthly mortgage payments. That doesn’t mean, however, that the weight of selling your home is all on your shoulders.
Direct sale services, such as Ryan’s Buying, are quick, relatively painless options to quickly sell without dealing with a lot of the hassle that comes with a traditional sale. When you sell to a direct home buying service, you receive a fair, all-cash offer that enables you to avoid the credit hit and personal trauma of having the bank foreclose on your home. When you accept help from a service, you get to have a hand in the process—as opposed to moving and paying at the bank’s discretion—while being free to focus on your next steps.
Instead of worrying about cleaning your home, arranging and paying for inspections, and making expensive and time-consuming repairs, you can work on finding a new home you and your family that is more affordable. Once you find your next home, a direct sale service will even arrange for movers to pack up your belongings so you can keep looking forward to what’s next!