4 Things To Know About Selling Your Distressed Property in Greenville

One option a homeowner has available to partly cover remaining debts when owning a distressed property is selling the home directly. Selling your distressed property with a real estate agent in Greenville NC can be burdensome. Many owners of distressed properties find themselves feeling overwhelmed by the selling process. There’s a lot to it! On the other side of the spectrum, if you’re facing the decision of selling your distressed property in Greenville on your own, that can be even more daunting! Imagine doing everything the real estate agent would do, but by yourself and with no guidance! That’s Tough! If you’re facing the decision to sell your distressed property, we can help you. You can sell directly to a local home buyer like Pitt Home Buyers right now and avoid wasting your time, dealing with inconveniences, and making costly mistakes.

Distressed Property Types

Distressed properties fall under one of three categories: foreclosure, short sales, or REO properties. Unfortunately, the property can fall under foreclosure, due to failure to pay the mortgage or tax bills. If you think you finally own your house free and clear, try not paying the taxman! He’ll have no problem selling your distressed property in order to get their money! If there’s no resolution being reached by the homeowner to rectify any past due to payments, a home could be put up by the lender for sale at a loss, or what is known as a short sale. If a home fails to sell at the foreclosure auction, it becomes what is known as a real estate owned (REO) or bank-owned property.  Should you find yourself in any of these situations, there are 4 things you’ll want to know about before selling your Greenville property. 

You’re Left Holding The Bag

Should the property sell for less than the lender is due, you’ll still be held financially responsible for the debt remaining on the mortgage! That’s right, even after the bank gets done foreclosing on it! That’s not a good situation! They call this a deficiency balance, which quite often exceeds the value of the homeowners remaining assets and could well lead to having to declare bankruptcy. Even with a short sale, unless it is agreed to prior, you could still end up owing this debt.

Time is of the Essence 

When it comes to taking action to ward off impending foreclosure, this isn’t any time to be indecisive. The last thing you want to do is hide your head in the sand and hope your troubles will go away. That doesn’t happen… There truly is no time like the present. Even if you’re only behind on one payment, you need to know your options for foreclosure help! Local home buyers like Pitt Home Buyers can buy your distressed property for cash and save your credit! When you are considering selling your distressed property in Greenville in another manner, don’t hesitate. The bank has a countdown going. Spoiler Alert! That countdown will not stop and you’ll be losing time and money the longer your home sits unsold.

Non Cash Offers

When you are selling in Greenville, you’ll want to forego working with buyers who have funds that are based on non-cash investments or traditional lenders. Time is not on your side when selling your distressed property and it takes on average 60 to 90 days for buyers with those funding sources to close on a property. That will stall the sale of your home until they’ve liquidated their assets or gotten approved for the loan… And do you think the bank will wait that long? Most often, the answer to that is “No”. You’ll want to be sure that you are spending this precious time wisely and only working with qualified local home buyers.

Assessing Price

It cannot be overstated that setting the price of a property on the market in Greenville, is extremely important in accomplishing a quick sale. It takes a great deal of investigating to set the price correctly. You’ll need to understand the going rate on the current market, especially for distressed properties, which often includes repairs and other costs that aren’t associated with traditional home sales. It’s a good idea to pay a Greenville real estate agent to do a Competitive Market Analysis (CMA). This will give you a solid idea of what the market is paying for properties similar to yours. Making an error on the asking price can cause the property to sit. That is the last thing you want when you’re facing the consequences that can come with going through foreclosure. You should be aware, when you are selling a distressed property, you can anticipate selling at below market value.

Listing a distressed property in Greenville on your own can be brutal! If facing the decision of selling your distressed property in Greenville on your own, the task can be daunting, to say the least. Listing your home on the market is no guarantee that it will sell. Consider selling to Pitt Home Buyers directly instead and avoid all of the stress.

If you need help selling a distressed property in Greenville, reach out to us to find out what we can offer you! (252) 618-0963

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