The Devastating Consequences of Foreclosure on Sellers

foreclosure notice

When you are trying to sell your house, you may be finding that it is more complicated than you had anticipated… especially if your house has any repairs needed that buyers just don’t want to deal with.

In this article we’ll dive into some of the devastating consequences of foreclosure on sellers in South Florida residential real estate market . 

Local South Florida House Buyers Have Lots Of Options For Houses But Fewer Options For Financing

There are floods of homes on the market, and thanks to the economic turmoil in recent past (and still going on in some areas), some types of houses just aren’t selling as fast as they were 5-10 years ago… while the “sweet spot” type of house (3 bedroom 2 bath in the middle to lower-middle price range) are selling at a good clip.

Partially it is because financing guidelines have changed since the housing collapse so fewer buyers are out there for some homes… there are still large inventories of foreclosed houses that keep trickling into the market from banks… and buyers are more picky than they were in prior years because a lot of them have learned that you can no longer buy a house and bank on the fact that it will appreciate a 3%+ a year in value.

If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your house fast, right?

If it seems like you keep putting more money out to improve your home (or if you have repairs but don’t have the funds and patience to do those repairs), but are still having a hard time selling your house, you aren’t alone. A buyer’s market makes conditions hard for seller’s to swallow. No one likes to see their home picked apart, criticized, or devalued, but that is exactly what most sellers are dealing with.

Worse yet, due to the devastating consequences of rising foreclosures, many sellers in the area who hold out for the price they want are getting little action and no offers at all… sometimes leaving the house on the market for months on end.

How Foreclosures Have Driven Local Housing Prices Down

When the housing market crashed and the foreclosures began to roll in, it flooded the real estate market in Florida and all over the nation. That means that there is more inventory on the market. When that happens, that drives the price of everyone’s house down because there are more options (at lower prices) for buyers out there.

When there is more inventory than buyers, it devalues the homes for sale.

The jury is still out on whether we’ve climbed out of this foreclosure hole or not.  There are still lots of foreclosure houses in South Florida and the banks are still holding many many area homes in their own inventory that aren’t even for sale yet.

But, there are some things you can do in this market to reach your goals with selling your house.

Selling Your House In A High Foreclosure Market

If you’re wanting (or needing) to sell your house you’ve got a couple options you should look at.

  1. If you don’t need to sell your house fast and can wait the market out… Get A Great Real Estate Agent On Your Side:  If you don’t need to sell your house fast and you can pay the real estate agent commissions… it may be better for you to just wait the market out and give it some time for that perfect buyer to come your way and pay the price you’re looking for. The market is growing and if you can sell your house next year rather than now… it may mean a few extra dollars in your pocket on the sale at a higher value. A great real estate agent can help you list the house and advertise it for you. If you don’t know any good local realtor, just reach out to us and we can connect you with some experienced real estate agents we know in town who have shown they can sell a house fast. Email us over here for a local real estate agent referral.
  2. If you DO need to sell your house sooner rather than later… look for quick sale options like selling your house to us: Selling your house fast in a market like this can be difficult if you go the traditional listing route… unless you discount your house in a big way. Other than that discount you’ll be paying the real estate agent commissions… which takes even more cash out of your pocket at the closing. Another option you might look at is selling your house to a real estate investment firm like us. We buy houses in Palm Beaches and all over South Florida and can make you a cash offer within 24 hours for a fair price. We’re not looking to list your house… we’re actually looking to purchase the house from you… we’ll take care of any repairs after we buy it from you, then we either keep it as a income property or we’ll turn around and invest our time, money, and expertise into selling the house to another home buyer. It can be a win-win-win solution. If you’re looking for full-retail value of your house, we can’t pay that. We do need a discount so we can make a profit on our end, but you won’t ever pay us any fees or commissions.

Reach Out To Us To Sell Your House Fast… Even In A Market Like Today’s

If you have any questions about our local Palm Beaches house buying service just reach out to us anytime.

You can call us at 561-246-6200 or reach out to us over on our Contact Page.

Or, if you’re ready to get a fair cash offer on your house today, just click the link below to go to our “Fast Offer” form… then fill out some basic info on your house and we’ll be on our way!

Get A Fair Cash Offer On Your West Palm Beach House Today >>

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