‘Buy my house’ has become the mantra for homeowners desperate to sell their property. Many borrowers need to sell their house quickly to avoid foreclosure or become unsaddled from an expensive home mortgage loan. Locating a buyer willing to pay the asking price is becoming an increasingly difficult task; particularly for sellers whose home is appraised for less than is owed on the loan.

In today’s unstable housing market people are using several buy my house strategies. Most are the result of desperation instead of strategic planning. Realtors are not jumping for joy to list short sale properties or preforeclosure homes that will net them next to nothing in commissions. Banks have tightened lending criteria making it difficult to find qualified buyers. So, what can sellers do to attract quality buyers to buy their home?

Believe it or not, one of the hottest real estate marketing trends involves chartered bus tours. Realty agents and mortgage brokers board a bus and visit neighborhoods hit hard by foreclosure. Buy my house bus charters have become quite popular in Las Vegas, Phoenix, Miami, Seattle, and Los Angeles.

Many of these areas have been devastated by subprime lending practices and unemployment and consist of hundreds of foreclosure and bank owned homes. Boarding a bus and visiting distressed neighborhoods provides buyers with the opportunity to view multiple homes in a short period of time.

It is not uncommon for homeowners to take desperate measures in hope of attracting the attention of bus tour participants. As a private investor, I have participated in real estate bus tours and was flabbergasted over some of the antics. Children setup lemonade stands and passed out homemade cookies and blueberry muffins. Homeowners attached colorful balloon bouquets to their mailboxes and placed a variety of freshly painted “Buy My House” signs in driveways.

It wasn’t difficult to see the party-like environment was masking the pain and suffering that occurs behind closed doors. Anyone who has lost their home to foreclosure will tell you that it doesn’t make you feel like celebrating. Foreclosure is embarrassing, frightening and emotionally draining.

Better options are available for homeowners facing foreclosure, but want to save their house. The first thing borrowers must do is contact their lender. Most banks have a loss mitigation department which is dedicated to working with borrowers struggling to meet loan obligations.

Bank loss mitigators can offer a variety of solutions based on borrowers’ financial situation. Options can include: loan modification, mortgage refinance, mortgage forbearance, short sale and deed in lieu of foreclosure.

Since loss mitigators are responsible for multiple duties, borrowers must be patient, persistent and prepared. Borrowers should organize financial records, obtain a copy of their current tax return, a minimum of six months of bank statements, and proof of income along with a list of income and expenses. It is also a good idea to draft a proposed repayment plan prior to calling lenders. Realize it may take several phone calls before a resolution is obtained.

Bank short sales are an option for borrowers who can no longer afford to make mortgage payments. With short sales lenders agree to accept less than is owed on the loan in order to avoid the foreclosure process. Most banks require sellers to have a qualified buyer lined up before granting short sale approval, while others give borrowers time to list their property through a realtor.

The average duration of a short sale transaction is six months. Short selling real estate is a complex process that often requires help from a lawyer. Some banks accept the purchase price as payment in full, while others hold borrowers responsible for the difference between the purchase price and loan balance. If borrowers cannot pay the deficiency amount in full, lenders obtain a deficiency judgment which remains on borrowers’ credit reports until full repaid.

It is imperative for borrowers to understand their lender’s short sale policies. Otherwise, borrowers could end up being responsible for thousands of dollars on a home they no longer own.

Author Bio: California investor, Simon Volkov, is currently buying houses in Orange County, California, Nevada, Arizona and Washington. His team of investors specialize in buy my house properties to help financially-strapped homeowners. If you need to sell your house quickly, submit property information via the “we buy houses” form at www.SimonVolkov.com.

Category: Real Estate
Keywords: buy my house,avoid foreclosure,foreclosure,short sales,loan modification,mortgage refinance,mortgage