Many homeowners are in eminent danger of foreclosure. According to LPS Applied Analytics, as of September 30th of this year, nearly 2.1 million homeowners were in foreclosure across the United States. RealtyTrac, which has been monitoring foreclosure activity closely, is expecting that number to reach 3.2 million by the end of the year, despite the optimistic estimations by many of the larger banks.
Because of the large number of homeowners that are facing possible foreclosure, many will try to sell their home before the bank actually starts the foreclosure process. Often the best option when confronted with job loss and the possibility that you will no longer be able to make the payments on your home is to sell the home. The government has programs that will help borrowers get their loan modified. However, if the borrower has lost their job and is not able to find work for awhile, a modification to a payment that you cannot make, does little to keep banks from foreclosing on the home. If a borrower is faced with this dilemma, they should strongly consider selling the home before foreclosure proceedings start, if for no other reason than to stop damage to their credit.
For borrowers in this situation, here are some pointers on how to ready your home for a quick sale:
Make sure that your home has good curb appeal. Remember that the first thing a potential buyer will see is the often the front of the home. It is difficult to attract a buyer if the outside of your home is in poor condition, regardless if the asking price lower than the home is worth. Keep your lawn and shrubbery well maintained and clean. Pictures of your home will published online and in newspapers and magazines.
Declutter your home. Clean the home thoroughly and put way any clutter. Make sure to store away personal pictures and mementos. Do not keep a lot of appliances on counter tops and make sure to tidy up the garage and storage. During open houses and showings, it would be a good idea to rent a storage unit in order to store items that can be seen as clutter.
The biggest improvement you can make to you home for the lowest amount of money is a new coat of paint. A fresh paint job in your house is an inexpensive way impress your potential buyers. Start the job in the entry way and work your way back. Make sure to apply a new coat to the kitchen and bathrooms because buyers expect those places to look clean. The best option is to always stick with a shade of white. Darker colors tend to shrink the size of a room.
These pointers will help to get your home ready for a quick sell. If your home fails to sell quickly, you can always put your home up for auction. While rare, this option is not unheard of. The practice is actually quite common outside of the United States.
See also:
Prepping House For Sale
Data as of September, 2010
RealtyTrac
I am a Managing Partner, Internet Marketer and Blogger at New Homes Section. Follow me on 
It’s just a shame that, right now, so many houses are worth less than the mortgage value.
I guess if your house is undervalued, or has a negative LVR, then foreclosure is a better option – a truly sad state of affairs.
My friend got her house at a really bad time – right before the economic downturn. Now she’s in danger of losing her home and the bank is doing nothing to help her. Isn’t it in their interest to make a full sale rather than to foreclose a property that is partially paid? I wish they would do something or rather, I wish I could do something to help.
Obviously if you have equity in your property then this is great advice but a lot of home owners dont have that luxury and owe more than there house is worth.
Good tips for those who are in the position to take advantage of the situation.
It is so tough to sell your home especially that there are
a lot of memories shared in it. But now due to a mass jobless
americans a lot of people may consider this rather than end up
with nothing.