CHAPTER 10 Understanding the Home-Selling Process
One of the biggest misconceptions people have about selling their homes in foreclosure is that everyone will know they’re in trouble and going through a difficult time, and will judge them accordingly. But selling your home in foreclosure is just like selling at any other time. No one has to know the reason you’re selling. There’s no big sign in the front yard that says, “I’m at risk of foreclosure!” It’s just a traditional sale, and you’re selling your house. If you’ve never sold a home before, or it’s been a long time since you went through the process, I want to show you what goes into selling a home and give you advice about how to get the most money possible from your home sale in the shortest amount of time, despite being at risk of foreclosure. For most Americans, buying a home is likely to be the single biggest investment we will ever make. The process has its own special language, with words such as “escrow” and “amortization” that we don’t use every day. Most of us don’t buy homes very often, so we never get especially comfortable or familiar with that process. Add to that the emotional investment we make in a new home. We see it as the embodiment of our hopes and dreams — our “castle,” our greatest financial achievement. Emotions can overtake good judgment. As a seller, you might think, “Surely, my home, where I invested so much money and sweat equity and where I raised my children, is worth more than ‘you people’ [appraisers, prospects, and buyer’s agents] think 68
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