Real estate emergency sale – a first-hand account

A few weeks ago, Georg and Daniela R. came to me and asked me to sell their property. They were in the middle of a divorce and the mortgage wasn't yet paid off. Time was of the essence. At one point, they were even facing foreclosure. Naturally, they both wanted to avoid this at all costs because of the anticipated financial losses.

When Georg and Daniela realized their marriage was on the rocks, they disagreed about what to do with their shared property. Naturally, neither wanted to part with it. But they also couldn't agree on who should keep it. Ultimately, they had to acknowledge that neither of them could afford the mortgage payments or buy out their ex-partner.

Avoid foreclosure

It took Daniela a bit more courage to part with the property. Georg, on the other hand, was pressing for a decision. He gave Daniela an ultimatum: if she didn't agree to the sale by then, he would apply for a forced auction at the district court. Finally, Daniela agreed to the sale after learning from a friend that properties are often sold below market value at forced auctions.

Avoid mistakes when selling real estate

Initially, they tried to sell the property themselves. Since demand is currently high, they thought it would sell quickly. However, after three months without a buyer, they decided to seek professional advice. Selling the property alongside a divorce, a job, and starting over was simply too much. They didn't have the time to properly vet potential buyers. As a result, they conducted several unnecessary viewings, showing their property to casual visitors. Only a few serious buyers contacted them, and Georg and Daniela were baffled as to why.

Get help from a professional

After they came to me, we were quickly able to clarify the lack of serious interest from potential buyers: My professional property valuation revealed that they had set the price for their property far too high. This often happens to many private sellers who practically "burn" their property on the market. If a property is listed for too long at an inflated price and then the price is lowered, many prospective buyers become skeptical.

Therefore, and since Georg and Daniela were finally eager for a quick sale, I went through our database of search requests. I found several properties that would be a good fit. I conducted the viewings with them. Georg and Daniela didn't have to worry about a thing. In the end, I had several purchase commitments, allowing me to conduct a bidding process. This enabled the property to be sold quickly and at a higher price. Georg and Daniela were able to service their bank loan and had the starting capital for a fresh start.

Do you need support for the quick and discreet sale of your property? Contact us! We would be happy to advise you.

You can find more information here:

https://de.wikipedia.org/wiki/Notverkauf

https://de.wikipedia.org/wiki/Zwangsversteigerung

https://www.finanztip.de/haus-verkaufen/

Notes

For the sake of readability, this text uses the generic masculine form. Female and other gender identities are explicitly included where relevant to the statement.

Legal notice: This article does not constitute tax or legal advice for any specific case. Please consult a lawyer and/or tax advisor to clarify the facts of your individual situation.

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