All things considered, foreclosure rates in the US are exceptionally low so far this year. January saw an 86% decrease in foreclosures compared to the norm. This is likely due to President Biden’s moratorium on foreclosure on government-backed loans.

Still, one in every fourteen homes in the US faces imminent foreclosure, so if you’re one of these unfortunates, don’t feel alone. 

It is possible to sell a distressed property fast enough to beat the banks. Here’s how.

Get an Appraisal

You can’t sell any home until you know what it’s worth, so get an appraiser round to crunch the numbers for you. If your home’s in a poor state and doesn’t qualify for an appraisal, you might need to get a few things fixed first.

Items that disqualify a home from an appraisal include exposed floorboards and water damage. If you can’t afford to fix these expensive items, you’ll need a Plan B.

Lower Your Asking Price

The property market’s rather low on sellers at the moment, so you might find someone willing to buy your home if they feel they’re getting a bargain.

Fixer-upper fans love to repair distressed homes and sell them for a profit, so you might get lucky if you lower your price enough to convince them it’s worthwhile. 

Ask an estate agent where you can place a distressed property on sale where it might attract the interest of these kinds of buyers. 

Verify Any Offers You Receive

When you’re selling a distressed property, there’s nothing worse than getting your hopes up about a prospective buyer, only to find they were stringing you along.

If you receive an offer on your house, always ask for verification. Making sure the buyer has the cash available is the best way to avoid these types of mishaps. 

You should also make sure all the paperwork’s in order if you want to avoid delays. Get a realtor or your lawyer to check out the details, so you’re assured of a smooth sale.

Approach a Cash Investor

If you don’t have the time or money to market or renovate your house, you could search for a cash buyer who’ll buy your house in a flash.

These investors all types of distressed properties, in any condition, and they have the finances to pay you out right away. They also don’t attach a lot of terms and conditions to the sale.

As long as you deal with a reputable cash investor, you’ll have no trouble selling your home this way. You can get more information about cash buyers online.

Don’t Wait to List Your Distressed Property

Whether you’re going the conventional route or selling to a cash buyer, don’t put off the inevitable. You need to move fast when you’re facing foreclosure.

So, get your home sale-ready as fast as possible, get adverts up online, and start spreading the word.

If you need help with ideas for renovations that might make your distressed property more appealing, browse some more of our blog articles. We feature a host of information on everything to do with buying, selling, and increasing the value of your real estate.