How to liquidate a home quickly
In the not very distant past, it was easy to invest in a property, flip it for a 50% -100% profit and move on to the next one. Today we are living in a different world. With the uncertainty of our economy, plummeting real estate values and a questionable job market, most people are understandably reluctant to invest in real estate.Don’t despair; you have several options available on how to liquidate a home quickly, logically and keep your emotions out of the equation.
Selling your property quickly with sell my house fast may not have any negative connotations regarding finances at all, but may be essential to relocate for work or other personal reasons. Especially for those who are looking at international relocation, having your home sell quickly is important for tying up loose ends at your existence residence to start fresh elsewhere
First, you need to figure out the absolute bottom price that you can sell a particular property for to break even. If your financial situation dictates that you must get rid of the property immediately, then that is how much you sell it for. If you are comfortable maintaining the financial obligations just a bit longer, you can set your price to make some profit. You need to remember that when the economy is slow, only the best deals will attract attention.
Next, you need to let your contacts know about the property. Most of your contacts probably won’t be interested in your property, but an acquaintance, business partner or friend of one of your contacts may be. Talk to anyone you know that may have more contacts in the real estate industry. This could include bank managers, lawyers, financial planners or even real estate agents.
You can also utilize online resources such as forsalebyowner.com ebay.com or even craigslist.com, as well as several real estate investor forums. You may want to consider sending out a message to your contacts on Linked In, Facebook and MySpace too.
For local exposure, you may want to use screen-printed yard signs on the property as well as in the surrounding neighbourhood. Be sure that the signs include the address and phone number because most investors will usually want to see the property before they contact you. Just to be sure, you should check your local sign ordinance to avoid fines. In most cases, you will just receive a warning but it is better to be safe than sorry.
In a worst-case scenario, you could also consider a short sale. In a nutshell, what happens is you sell the property for less than is owed and the title is transferred to the lender who then either holds the property on their REO list or sells it on their own. This is something that you must negotiate with the lender before hand. You may be wondering why they would agree to do this in the first place. The reason is that it is typically less costly for them than moving forward with a foreclosure, so while they may accept a loss, it is less significant and it is wrapped up more quickly.
You will want to explore all the options available when you have decided to sell your home. With enough background knowledge, you will be able to make an informed choice about how you want to sell your home no matter what your reasons are.