Even in a slow market, price and condition are the two most important factors in selling a home.
If a home is not getting the activity it needs in order to sell, it is probably because it is overpriced for the market. The first step is to lower the price. Then go through the house and see if there are cosmetic defects that you missed that can be repaired.
The second step is to make sure that the home is getting the exposure it deserves through open houses, broker tours, advertising, good signage and a posting on the MLS and internet.
Finally, frustrated sellers who have negative equity and are forced to sell because of long term illness, divorce or financial considerations should discuss a short sale or a deed in lieu of foreclosure with their mortgage lender and their REALTOR®.
A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender. Sellers should negotiate with the lender so that there will be no deficiencies. Talk to your REALTOR® for advice.
In a deed-in-lieu-of-forclosure, the lender agrees to take the house back without instituting foreclosure proceedings. These are considered more radical options than lowering the price.
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