Selling Your Home to Avoid Foreclosure in California

Sell your home at better terms before foreclosure

Potential buyers of your home

You may consider the following buyers and partners:

• regular buyer looking for a property in your neighborhood
• buyer who wants to lease with an option to buy at a predetermined date
• buyer expecting you to finance the deal partially
• equity partner or foreclosure investor willing to share your equity
• buyer who wants to assume your payments or transfer

You may sell your home with the help of a real estate agent or by yourself (see "Sale by Owner" (FSBO) if you want to save real estate commissions.

Selling your home to equity purchaser, partner or lease-buy option buyer

There are so many real estate investors and equity purchasers attracted by low home prices. Don't wait until they find you. Time is of the essence. Be proactive and see how you find them. Talk to many investors and equity purchasers rather than limiting your options to only one. 

Know how you can protect yourself under Home Equity Sales Contract Act of California

Home Equity Sales Contract Act protects homeowners in California in foreclosure. This important legislation protects home owners of owner-occupied one-to-four units against investors who may want to take advantage of your difficult foreclosure situation.

How can you succeed in selling your home fast?

You may consider selling your home if refinancing and other restructuring methods do not seem to be a good alternative.

Selling (listing) and buying real estate agents are paid commission when you sell your home through a real estate broker. Other option is selling it yourself, that is "For Sale By Owner" FSBO. You may also use the services of some real estate brokers assisting homeowners in selling their homes at a fixed or lower fees.

Listing your home in Multiple Listing Service (MLS) is now available at a fixed fee even if you sell it without a real estate agent. Offering a commission to buyer's real estate agent may increase your chances as this will motivate some real estate agents.

If you are selling your home without a real estate agent, consider consulting a lawyer specialized in real estate transactions to review your settlement papers. Spending some money gives you a peace of mind in this important transaction.

Quitclaiming and selling to a motivated buyer

Quitclaiming works if you have no equity in the property and you cannot afford to pay the monthly mortgage installments.

Consider selling your home to a buyer responding your ad in the newspaper and willing to take over your monthly payments in the beginning and eventually buy your home at a later date.

Selling your home with the help of a real estate agent

Real estate agents work for a real estate broker and some are also a member of the National Association of Realtors® (NAR) and pay dues to carry the title of Realtor®.

The commissions of your real estate agent and the buyer's agents are deducted from the proceeds of the sale. Perhaps, you may sell your home faster and get a professional service for such commissions.

You may find a Realtor in your area at NAR® website.

Sources of information on selling your home in California

You may start your research by reviewing the 2008 Real Estate Law (as of January 1, 2008) prepared by Department of Real Estate of California.

Need help? Review your options to get foreclosure help by professionals (lawyers specializing in foreclosure, foreclosure consultants registered to assist homeowners subject to foreclosure, debt counselors, and real estate agents in California), California state agencies, county agencies in California, consumer advocacy groups, and nonprofit organizations in California.