The term “distressed sale”  was coined to encompass short sales and foreclosures. A sobering term for a widespread problem throughout the property market. Many sellers find it hard to compete with lenders offering discounted prices for short sales or foreclosures in their area.

There are a couple of ways a seller can compete effectively in this market, and we discuss them now.

To get a sale, the price of the home must be competitive. That goes without saying I’m sure, but it’s important enough to mention. The market might be moving slowly, but it is moving. A valuation received a few months ago might not be relevant now, and you might be pricing yourself out of the running. You can leverage online valuations, research and even a professional appraisal to decide the correct value for the home and market it at that or just below.

Getting listed on the MLS, or Multiple Listing Service is another way to compete. Even if you’re not using a real estate agent, you can have your home listed for a fixed fee in most states. This drastically increases the chances of a sale as it gets your home in front of more buyers than any other method right now. Not all short sales or foreclosures appear on the MLS, so this is a good way of getting a buyer interested.

Making sure your home is in tip-top condition is always a good way of securing a sale. Many distressed sales have been left in a less than satisfactory state, and it’s mainly going to be investors or builders that buy the majority of them. Keeping your home ready to move into is a great advantage to you. Many homebuyers are all too aware of the stress involved in moving home. Take away the need for them to do anything once they buy your home is a big pull for many buyers. There’s nothing worse than having to contemplate decorating once the purchase is complete. Many times using a home staging service will greatly increase your odds of making a sale.

Qualifying buyers before accepting an offer is more of a time saver than a selling tip. It does mean you don’t waste time of people who can’t buy the place, but having a qualified buyer ready to go helps.

Add to that the lure of a quick closure and you should have a deal in no time. Distressed sales might be a bargain, but they can take months to complete. Offering your buyers a quick closure, say, 30 days, and they will bite your hand off.

A keenly priced home, that is ready to move into and offers a quick closure is a dream come true for many buyers. The fact that they have to pay a little more for it won’t put them off if they like it. Having it on the MLS search tool is the best way to attract those buyers in the first place.