In the U.S., there are more than half a million houses which face foreclosure in any given year. However, in New Jersey, the number is slightly higher than the national average and out of 200 homes, at least one will be foreclosed. So if you decide to sell your distressed property, what should you do next? Let’s review a few common mistakes you should avoid when selling a distressed property.

Engaging with a Buyer Who Can’t Offer Cash

The difference between a distressed property sale and a normal property sale is that a distressed property cannot qualify for a mortgage. Therefore, you need a cash buyer. That’s where we come in since we buy houses in New Jersey for cash. When you’re looking to sell a distressed home, make sure you’re working with qualified cash buyers in your area.

You should never deal with people whose funds are tied up in any form of non-cash investment. The main reason is that you want to sell your home fast for cash and it might take some time, which you do not have, for the buyer to liquidate their assets. That is the reason we buy houses in New Jersey. In simple terms, avoid people who cannot make cash offers.

Waiting too Long to Put Your Property on the Market

When you’re selling a distressed property, the idea is to get it done as quickly as possible. That means wasting no time getting your house sale-ready. If you’re facing an impending foreclosure or repossession, it’s important to get that cash offer in as soon as you can.

That’s why we buy houses in New Jersey fast. You’re guaranteed a cash offer for your home within 24 hours of showing it. We want to save you the hassle and save you from foreclosure.

Not Knowing the Value of Your Home Before Selling

Unless you’re extremely attuned to your home’s value, it can be tough to know exactly what it’s worth when you go to sell. Not having that information can be detrimental to your sale, especially when it comes to a distressed property. Because we buy homes in New Jersey, we understand that many homeowners don’t know just how much their houses are worth. Unfortunately, in these cases, it’s important to understand that the price of a distressed home is typically lower. You can avoid the shock of low price by getting a report on the value of your house from a certified appraiser. The report will help you more fully understand the price range you might see when you get an offer for your house.

Being in a situation where you need to sell a distressed property can be tough. Fortunately, you’ve got Freedom Home Buyers on your side. We’ll help you avoid these mistakes and make a cash offer for your house.