Below are some selling options that someone considering selling their home needs to consider. Especially IF facing Foreclosure. For more on Foreclosure click HERE
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Retail Sale
A Retail Sale is where you are free to choose the amount and terms of an offer for your home. To learn more about me and the specialized training I have received PLUS with over 13 years’ experience click HERE
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Option to sell for the most the market value
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Can be marketed by self or a Realtor
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Loan / taxes / fees / commissions paid at closing
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Excess goes to the Seller
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Can be marketed by the homeowner (not recommended)
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Can be sold via a Realtor (ask for the advantages)
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Auction Sale
An Auction Sale is a Retail Sale where the Seller is in control of the terms they are willing to accept for the sale of the home. The property is marketed differently than a typical Retail Sale.
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Targeted to specific buyers
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Can be marketed by a Realtor
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Pre-Determined contract and terms
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Defined fees and expenses
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Sold “As-Is”
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Better control of the closing expenses
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No risk pricing
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No negotiating
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Seller has the ability to reject final bid
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Bidding may be in-person or online (depends on auction company)
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Short Sale
A Short Sale is where the home is sold for less than the mortgage(s) due
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Your Lender(s) must agree to a sales price / options for your loan(s)
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Can be a way to keep a foreclosure off of your credit report
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A Short Sale will still have a negative impact on your credit report
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With exceptions, you may not be able to get another mortgage for 2+ years
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There will be NO excess to the Seller (you)
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You MAY be responsible for any deficiencies (shortages) even after the sale
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How that deficiency is paid back is at the discretion of your lender
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Wholesale
A Wholesale type of sale is where you sell to an investor whose intention is typically to make a profit. Some investors are willing to buy the property to rent out after improvements. Neither option will likely give you a retail price for the home.
For more information on who an investor is and how they work, go to out Investor pageclick HERE