Real estate is indeed one of the most lucrative industries in San Diego, California. The growth can be attributed to the ever increasing demand for proper housing due to the ever surging city population. Both the residential and the commercial housing demand have been on the rise over the last three decades and the trend does not show any sign of moving in the opposite direction soon. Apart from the rentals, buying and selling of houses is one of the main activities in San Diego real estate. But among the many transactions, foreclosed houses are unique when it comes to selling.
Foreclosure or the real estate owned (REO) property is a house owned by the lender after the previous owner failed to pay up or defaulted on the loan. It may also be referred to as a bank owned property. If you want to sell such a property fast, you need to do a few things to attract house hunters. These are factors that you must consider for a foreclosed house to sell fast especially in low season:
1. Have the right documents:
Foreclosed homes are sold by a third party and not the real owner. Any buyer would be concerned about the authenticity of the sale and the only way that you can prove it is by having all the documents that are required. You must prove the buyer that the documents are authentic and that buyer will never have problems in the future with the original owner of the house. The transaction must also be transparent and all deals are to be made over the table. This will improve the potential buyer confidence and the house will definitely sell faster than you expect.
2. Price it right
One thing that can make it hard to sell a house particularly in the city of San Diego is the purchase price of the home. Regardless of how beautiful the house, it necessary to give it the right price if you want it to sell fast. Many sellers tend to inflate the price by quoting a ridiculously high amount. You must do proper market research to find out the perfect price that the home is likely to sell at. Foreclosed homes are usually cheap compared to the rest since the lender is mostly interested in getting back his money. A lower priced home will definitely attract more buyers and the house will sell a lot faster.
3. Enhance the curb appeal
Appearance is key when it comes to real estate. The first impression that a buyer will have in looking at the house will determine if they will buy the house or not. It’s not unique in San Diego real estate but it’s in any market place. The curb appeal and the whole of the exterior environment of the house will be the first thing that a potential buyer will come into contact with. You must enhance it by adding new sod, replacing the mailbox if the current one is not appealing, planting new flowers or painting any faded part of the house. This will enhance the buyer appeal to the house instantly.
4. Clean the clutter
It is imperative to remove all the clutter the previous owner may have had before you open the house for previews with potential buyers. Something like the family photographs and the personal items will not be of any importance to the buyer. A lot of furniture regardless of its beauty can deter buyers from buying the house. You must create space to allow the buyer to picture themselves in the house. Therefore, you need to open up the house removing some of the excess clutter whether it be furniture or just extra things.
5. Get the home in a move in Condition
Anyone buying a home or house will be interested in a property that they will buy and move in directly without any problems. Make sure that the doors, electrical and appliances and plumbing are in compliance with San Diego building codes and are also functional. This will give the potential house hunter an impression that they can move right in after completing getting ownership. No one would entertain the idea of spending time or money to fix a house after buying. However, you can sell a house fast if you get it in mint condition.
6. Sweeten the deal
To attract buyers, you can make the deal sweeter by making the buyer feel that they are making a good deal. You may offer the potential buyer some credit towards the closing costs or pay the entire amount of their closing costs and this will definitely attract many buyers. It will also be a great idea to close in a short amount of time- 30 to 60 days will attract many home hunters.
These are just a few tips that will make a house in foreclosure sell fast. There are several others although these are the main. If they are followed precisely, you will sell sooner than you expect. You, the seller are happy and so is your buyer!