No homeowner ever imagines they will one day have to turn over the keys to their home in a foreclosure. Unfortunately, life happens, and it only takes a few missed mortgage payments before the banks start threatening to repossess your property.
If you’re falling behind on your payments and don’t see any way to catch up in the near future, one of the few ways to avoid foreclosure is to sell your home before the bank can repossess it. If your home is in great condition with a prime location, you might be able to hire a realtor and sell your home quickly.
However, the problem for most people in a foreclosure situation is that they haven’t been able to afford renovations and other updates to their home that maximize its value. In this case, you might not have enough time to wait for the right buyer while competing against all the other homes on the market.