James Mitchell

House in a suburban areaThe construction of single-family homes went up to 3.7 percent. The building of apartments and condominiums rose to 19.7 percent. Despite all the increased activity in homebuilding, the demand for homes in the US remains on a high at present. The scenario now is that there are more buyers than available homes.

This housing shortage, though, may actually work for homeowners selling foreclosed homes. If you’re among those planning to sell a foreclosed house fast, the shortage may work to your advantage. Selling your home fast will prevent bad credit gains, so the quicker you sell your house, the better.

Here’s how you can speed up the selling of a foreclosed home.

Seek the Appropriate Professional Help

Hiring an agent is the ideal initial step in selling a foreclosed house. You may be considering that you can do it alone, but given the limited time you have, flying solo may not work for your benefit. A real estate agent could help you analyze how much money you could expect to get and if it’s enough to pay off the mortgage.

Aside from real estate agents, you may also want to consider looking for third-party buyers. This type of buyer may also buy your home quicker than an agent can sell it. Third-party buyers craft the specifics of the deal between a buyer and a seller. The goal is to come up with agreeable terms and rates beneficial for all parties involved.

View of modern townhousesLender’s Approval, Property Improvement

Selling your foreclosed home will need approval from your lender; before you proceed offering the home to buyers or to a third-party buyer, your lender has to sign off on the sale. Apart from getting the approval, you also need to run the bid through the lender or the bank.

Prospective buyers take everything into consideration. Simply driving into the driveway or walking into the front door gives them hindsight about the home you’re selling.

You may want to update your curb by planting flowers or replacing the mailbox, or basically anything that will boost the appeal of your curb.

You may also want to put up new fixtures and give your home a total makeover. You can achieve this by depersonalizing your home, getting rid of the clutter, and cleaning the entire space. This will tell the buyers that the house will give them a fresh start should they choose to buy and occupy it.

Target The Right Market

Always consider your target market. For starters, you may want to take into consideration the booming number of millennial homebuyers at present. Last year, millennials made up 34 percent of the total buying pool in which 66 percent were first-time buyers.

You may also want to target baby boomers. Americans aged 65 and above will double by 2060. The AARP reports that 90 percent of aging adults choose to stay at home as they age. This may work to your advantage by wooing baby boomers.

The market expects a rise in housing inventory levels by the fourth quarter. Now may be a good time to consider a sale transaction if you’re looking to sell your house fast in Orlando, for a fair and honest amount that benefits you and your situation.

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