Although in some cases foreclosure may be unavoidable, members of the Wisconsin REALTORS® Association agree that it is never the best outcome for homeowners, lenders or communities.
Homes sold through the foreclosure process typically go for less than homes put on the market in a more conventional way. As a result, the foreclosure process may leave homeowners facing a deficiency payment to make up any difference remaining between the price the home sold for at auction and the original loan amount.
In addition, foreclosures may lower the value of surrounding homes and affect an entire community.
Homeowners experiencing financial troubles may come out ahead by listing the home for sale as soon as possible, instead of waiting and sinking deeper into debt. The Wisconsin Housing and Economic Development Authority has identified a list of trained, experienced real estate agents who can help homeowners get a fair price in a reasonable amount of time. Click here to find an experienced REALTOR® in your area.