Tennesseans who want to prevent turning their properties into a repossessed house due to missed mortgage payments may host a yard sale to earn extra income to boost their finances.

This is the suggestion of Consumer Credit Counseling Service (CCCS) of East Tennessee. CCCS, which provides free housing counseling and foreclosure prevention services, said that hosting a yard sale would provide an opportunity to homeowners struggling to make mortgage payments to earn extra income and save money to bridge the financial gap brought about by the economic crisis.

Aside from helping homeowners prevent repossessed house, a yard sale is a great way for them to reduce clutter in their homes and relieve them of unused items.

CCCS offers tips to homeowners who want to host a yard sale. The first thing to do is choose a date for a yard sale. As much as possible, do not schedule a yard sale on holiday weekends. CCCS said to have the scheduled event and date approved by the local government or homeowners’ association.

It would be better if other residents in the neighborhood could join in the yard sale. Hosting a multi-family sale event could bring in several advantages, including increased traffic and shared advertising costs.

CCCS suggested promoting the event by using local advertising and signs. When pricing items for sale, remember that many prospective shoppers are looking for cheap deals and the lower items are priced, the more they are attractive to buyers. If an item is in good condition, the general rule is to sell it not more than 30 percent of its retail value.

According to CCCS, homeowners who are hosting a yard sale should be prepared to deal with shoppers who will haggle for a lower price.

CCCS President Daru Burdge said that the counseling provider’s goal is to motivate distressed homeowners to act on the foreclosure problem immediately and understand their options. He pointed out that CCCS counselors are trained to assist and help homeowners manage their finances and to determine various repossessed house prevention options available to them.

CCCS is a certified U.S. Department of Housing and Urban Development (HUD) housing counseling agency with HUD-trained counselors who can help distressed homeowners avoid the repossessed house nightmare.