Sometimes bad things happen to good people. And often, bad things can't be prevented. Most people would agree that a Myrtle Beach home foreclosure is not a good thing. But going through a foreclosure is a little different for each person. For some homeowners, the process is inevitable, while others may be looking for options to turn it around.
In addition, some states may have some unique rules for lenders foreclosing on homes, and lenders often adapt their practices within those guidelines. Knowing the answers to these questions can help people prepare for the next steps. This guide walks homeowners through various aspects of a foreclosure, and what they can do throughout the process.
For informational purposes only. Always consult with a financial advisor before proceeding with any real estate transaction.
1. What Is the Foreclosure Process?
There are three basic stages to a foreclosure. As soon as a homeowner fails to make a necessary mortgage payment, they may face late fees and be at risk for a future foreclosure. By law, the institution holding the mortgage has to follow this minimum timeline for the foreclosure process:
There are times when things happen in a homeowners life where they may have to sell their homes unexpectedly. An unexpected home sale may also show that home may be worth less than what is owed on the mortgage. This is also called being "underwater". In these cases, the homeowner has several options. One option is to wait for a foreclosure. Another option could be a short sale.
A short sale is one option for those who do not want to go through the foreclosure process, with possibly fewer negative consequences. In some instances, those who sell their home as a short sale may be able to soon buy another home sooner than they would if they had a foreclosure. The short sale process is different than the general home selling process, as the lender has much more influence throughout the process.
For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.
What Is a Short Sale?
Circumstances can change. With a divorce, job loss or medical bills looming, not all homeowners can afford to continue making payments on a home and may need to sell. And in some cases, selling a residential property where the market value is lower than the outstanding mortgage could result in a short sale.
Homeowners who are faced with homes...
Home sellers who want to sell their property quickly will usually start by making their home look as beautiful and desirable as possible. This is why staging is so important for people who want to sell their property. Home sellers who are thinking about selling their home in the near future should consider staging their property before listing it for sale. Proper staging for a home not only makes the home look better for the buyer as they tour a home, it also helps the photos look better that are posted to help sell the home. These tips can make staging easier for a person who wants to sell their property.
What Is Staging?
Staging is the art of making a home look more appealing to home buyers. Staging usually involves making aesthetic improvements as well as maintenance upgrades. Home sellers who want to sell their home quickly and for more money will often stage their property before ever putting their home on the market. Staging the home can make the property look up to date and well maintained.
What Must A Home Seller Do to Stage Their Home?
There are many things that home sellers can do to stage their home.
To stage their home, many sellers start by decluttering the property and making repairs. Decluttering is the act of removing all excess items from the home. Excess items could include collectables, papers, stacks of magazines, old furniture and old clothing....