In New Jersey, you can sell your home even if you're in foreclosure. In fact, you have the right to find a buyer up until the time of the auction. Trying to sell your home can be a good way to avoid the negative impacts of foreclosure while also getting out from under your mortgage. Selling a beloved home, however, can be emotionally difficult—not to mention the challenge of selling your home quickly and for the right price. If you are torn between selling your property and fighting to keep it, here are some things to consider.
1. You Need to Sell Quickly
Time is of the essence if your home is in pre-foreclosure. Foreclosure proceedings do take time, but it still isn’t enough time to let your home sit on the market for months. You need to be able to sell fast. If the real estate market is slow or buyers are not looking for homes in your price range, it may not be realistic to sell quickly enough to avoid foreclosure. Finding a buyer in short order will require you to be very realistic and flexible on price and seller concessions. An experienced real estate agent can help you price and advertise your home to be appealing to buyers.
2. You Need to Sell for the Right Price
If you are selling to avoid foreclosure, you may owe more on your home than what it is worth. It is possible to be approved for a short sale, where you sell your home for less than what you owe on your mortgage. Selling as a short sale means selling for a price that gets close to what you owe but doesn’t leave the property sitting on the market too long.
3. Use Your Head, Not Your Heart
This can often be the biggest roadblock for homeowners who are trying to sell their home to avoid foreclosure. If you are not mentally ready to sell your home and move on, you may find the process of selling to be too stressful and emotionally difficult to go through. It is hard to watch a beloved home sell for less than what you think it is worth, or to an investment company that plans to make major changes. When you make the decision to sell, you need to use logic and put your emotions aside. Not everyone can do this and if you find your emotional investment in your home is too strong, it could be worth it to figure out how to keep your home.
Selling your home to avoid foreclosure often leads to more favorable outcomes for the seller, if they can manage to sell. Your best chance of selling a home while in foreclosure is to work with the right professionals that have experience selling pre-foreclosed properties. If you decide you'd like to try to keep your home, a foreclosure defense attorney can help. Veitengruber Law can guide you through all of your options to find the best path forward for you.