Pre-foreclosure home selling: options in Alaska

The first step of pre-foreclosure home selling Alaska is talking to your lender.

Pre-foreclosure-home-selling-options-in-Alaska-3The rise in foreclosures is a nationwide phenomenon, yet there are fewer Alaska homes in pre-foreclosure sales simply because the state has fewer people than most states. Pre-foreclosure home selling in Alaska gives you the chance to sell your house before the lender takes possession.

In Alaska, lenders have the right to begin foreclosure proceedings as quickly as one month after a missed payment, yet many will try to work out a payment plan with you. The lender works to rectify the situation and help you to catch up on your missed payments if possible.

There is a big difference between foreclosure and pre-foreclosure. Pre-foreclosure occurs when the lender contacts you to tell you that you are in default of payment. The lender will also inform you that if you do not fix the situation, your home will go up for sale. These notices start the pre-foreclosure proceedings. As with most states, the first step of selling Alaska home pre-foreclosure is talking to your lender. Depending on how much you owe, the lender might suggest a short sale.

A short sale typically happens when the remainder of your loan is much higher than the value of your house. Selling an Alaska home in pre-foreclosure status might be a better option than a short sale because lenders give sellers more time to sell pre-foreclosed homes.

Pre-foreclosure-home-selling-options-in-Alaska-2Those shopping for Alaska homes in pre-foreclosure sales status are generally hoping to find a bargain. When determining your sale price, you need to consider the value of other homes in your neighborhood. QualitySmith real estate professionals and home values can help with this.

It’s important to realize that you may not sell your house for as much as you feel it is worth. With the value of homes fluctuating in recent years, you might discover your home value has dropped significantly.

Selling an Alaska home pre-foreclosure will cause less damage to your credit than a foreclosure, which can stay on your credit report for seven years.

Use the resources at QualitySmith to find realtors who are familiar with pre-foreclosure home selling in Alaska and determining the best price for a home in foreclosure.

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