“Can I sell my foreclosed home?” This question is one we’ve come across one too many times in the real estate business. The long and short answer to it is, “yes, you can sell your house that’s in foreclosure.” You can stop your home from getting sold at auction if you act fast by paying off everything you owe the lender before the auction begins.
Unfortunately, many homeowners who have defaulted on their loans and are about to have their home foreclosed do not know this, causing them sleepless nights. Fortunately, in this article, you’ll learn how to sell your house fast while in foreclosure. But first:
What is Foreclosure, and How Does it Work?
A foreclosure is a process where a lender takes hold of your home when you default on your mortgage payments. Of course, a foreclosure doesn’t happen immediately you default on a loan. It usually starts when you’ve defaulted four consecutive months. The foreclosure process begins when you are handed a notice of default after the fourth consecutive missed payment. However, the entire process can take anywhere from six months to a year or even more, depending on the arrangements you have with your lender.
3 Ways To Sell Your House in Foreclosure
Even though your home has started going through the foreclosure process, as long as your home hasn’t been put up for auction, you still own it. Therefore, you can sell it and pay off your mortgage debt. Besides the possibility of having some extra cash after paying the mortgage, selling your property before it’s foreclosed also protects your credit score. Thus, the decisions you take in the period before your home goes to auction is crucial. Here’s what you can do to sell your home that is about to be foreclosed:
1. Get an Experienced Real Estate Agent
Many people believe they can sell off their properties on their own. But, when you factor in the limited time and legal issues with selling off a property in foreclosure on your own, you’ll understand selling on your own isn’t such a great idea. With the aid of a professional real estate agent, you are more likely to get better offers for your property faster.
Using a real estate agent’s services also gives you the chance to leverage their network of potential buyers. However, majority of the buyers in most real estate agent’s network may not be interested in buying a house in foreclosure. This means that there are no guarantees as to how long it would take to sell your property. Not to mention the cost of engaging the services of a real estate agent.
2. Use The Short Sale Option
Let’s face it; everyone involved in a foreclosure hates it! Yes, including the lender. Foreclosures for lenders pose too many problems ranging from financial to legal and PR issues. So, many lenders are open to the short sale option to get rid of the difficulties associated with foreclosures.
With a short sale, your lender agrees to let you sell your property for a lesser price than you owe. Thus, you can price your home a lower and get it sold faster. As much as lenders hate to lose money, they would rather agree to a short sale and cut their losses than go through a financially-exhausting and time-consuming foreclosure process.
3. Sell Your Foreclosed House Fast for Cash
The reason you want to sell your home in the first place is to raise money; what better way to get money than to do so in cash? If you decide to sell your foreclosed home for cash, you can do it in a far shorter time. You’ll also effectively cut out the commission cost for a real estate agent, and avoid selling at a lower price in a short sale.
Beyond that, you also get to save money on renovations and staging as you can sell off your home just the way it is. Despite being the easiest available option to sell off your home in foreclosure fast, many people still do not know how to go about it. So, here’s how to sell your foreclosed house fast for cash.
Steps To Sell Your House Fast Before Foreclosure
Step#1 – Contact a real estate investor such as Quick Easy Offers with your home details.
Step#2 – The investor will do a quick walk-through of your home and make you a cash offer.
Step#3 – You can accept the offer if you’re comfortable with it; otherwise, opt for a renegotiation.
Step#4 – When all parties accept the offer, a closing date is picked for all papers to be signed and money paid.
How To Get Investors To Buy Your Home in Foreclosure
To get investors who buy homes for cash, you can run a search on the internet to see who’s buying. The search could be something that reads like, “sell my house in foreclosure fast for cash in New Jersey” or “sell my New Jersey foreclosure house fast.” The purpose of this sort of specific search is that it shows you the result of only investors who are willing to buy your home for cash in that area – New Jersey. You can substitute New Jersey with wherever else your property is located.
The bottom line is that, it’s not impossible to sell off your home in foreclosures. And, when you deal with a reputable real estate investor like Quick Easy Offers, you’ll be surprised at how fast you will sell your foreclosure home off for cash, and clear off outstanding debts before it ruins your credit score.
Need help selling your home while in foreclosure?
Contact us today at 866-692-1993 or mike@quickneasyoffers.com
