Below are some selling options that someone considering selling their home needs to consider. Especially IF facing Foreclosure. For more on Foreclosure click HERE
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
- Option to sell for the most the market value
- Can be marketed by self or a Realtor
- Loan / taxes / fees / commissions paid at closing
- Excess goes to the Seller
- Can be marketed by the homeowner (not recommended)
- Can be sold via a Realtor (ask for the advantages)
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.
- Targeted to specific buyers
- Can be marketed by a Realtor
- Pre-Determined contract and terms
- Defined fees and expenses
- Sold “As-Is”
- Better control of the closing expenses
- No rik pricing
- No negotiating
- Seller has the ability to reject final bid
- Bidding may be in-person or online (depends on auction company)
Short Sale
A Short Sale is where the home is sold for less than the mortgage(s) due
- Your Lender(s) must agree to a sales price / options for your loan(s)
- Can be a way to keep a foreclosure off of your credit report
- A Short Sale will still have a negative impact on your credit report
- With exceptions, you may not be able to get another mortgage for 2+ years
- There will be NO excess to the Seller (you)
- You MAY be responsible for any deficiencies (shortages) even after the sale
- How that deficiency is paid back is at the discretion of your lender
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 givr 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