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How to Sell Your Foreclosure Home
If you haven’t heard yet, selling your Malaysian house can actually save you from foreclosure. This action, often called ‘short selling’ in the Malaysia real estate industry is the act of selling the house – on an urgent basis of course – so the house becomes someone else’s property right before it is taken back by the lender, the selling price pays off the lender, and you, the homeowner, avoids that big, bad foreclosure mark in your credit history that will look bad for the next seven years or so.
The thing about foreclosure is that it should be fast. Timing, pricing – they are fully irrelevant as far as foreclosing a Malaysian house is concerned. You are working against time – that is, the amount of time you have left before the lender throws you out of your house. Because you don’t have the luxury of time to prepare your home for the big market, you also don’t get to re-price your house to your ideal digits.
Also read Most Common Mistakes in Selling Foreclosure Homes for more details.
Remember: you should sell your house and fast!
So, how do you achieve that? How do you short sell your house to avoid foreclosure? Here are some tips:
- · Inform your lender. Whether you like it or not, you will still have to obtain your lender’s approval on a short sale. If you have been honest to them about your financial situation and have not been hiding from them since, this would be much easier. Be patient and know that you are on the disadvantaged end of the situation and they have every right to be unhappy with you. So use your coaxing powers to make them agree to your desire to put the house on short sale.
- · Decide whether you’re going for a For-Sale-By-Owner (FSBO) sale or you’re going to hire a real estate agent. In this situation, going FSBO may benefit you in that you wouldn’t have to lose a substantial percentage of your Malaysian home sale to commissions. However, selling FSBO is not everyone’s cup of tea. Decide whether or not you can fully handle a FSBO sale in a very short amount of time. You will still, however, need a real estate attorney’s services whether or not you go FSBO.
- · Get a good assessment of how much your house is actually worth. You have to price your house according to this assessment; given the situation you’re in, expect your house to sell lower than this.
- · Prepare your house for the sale. You can’t possibly do so much on such a short notice so keep the work to a minimum and focus only on the essential stuff. Make sure the Malaysian house looks neat from the outside like the ones from the KLCC condos (curb appeal), remove all forms of clutter, and repair obvious house problems (repaint the walls, seal cracks on tiles, etc).
- · Market your house aggressively. Use all possible means to sell your house the soonest possible time. Offer special conditions to the house and explore other selling options like house auction.
You may never get to earn back the price you bought the house for but remember, this is a much better alternative than getting the house foreclosed and not getting a mortgage loan for at least the next seven years!Please don't forget to always visit Dutchharbortelegraph.com!
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