Troubled homeowners often fall to the false notion that a foreclosure will only set them back at least 10 years. The fact is that there are other options. The bulk of that fear right after wondering where or how they will move, sits with their credit report. That's because a foreclosure can end up on a credit report for that long before it can expire. But what if I told you that such a thing doesn't have to happen to you if you are going through foreclosure right now?
Can you recover your mortgage?
Foreclosures happen for different situations. For some, it may be due to a temporary financial setback, in which case they have options to recover. It may feel as if you are unable to recover because of the amount you are behind, but that's not always the case. As a matter of fact, you may have the option to refinance or work out a loan modification with the bank.
You can sell your house fast
If recovery is not an option, the next step is to think about selling your house fast. Time is a precious thing when you are facing foreclosure. Selling fast doesn't mean listing your home with a real estate broker. In many markets, such a sale would take months.
The problem with going the retail route, is that you risk your time winding down without an offer. But what happens when you receive an offer? It may have financing contingencies, or require things to pass a thorough inspection. The due diligence period for the inspection may be 2 weeks, sucking up more of your precious time. If something fails inspection, the buyer may want to stick you with the cost or they walk away.
There are many negative things that can happen by listing your home on the MLS while waiting for your house to be auctioned off. You can avoid that altogether luckily.
How do you sell a home quickly by owner?
The answer is simple. You can sell to a cash home buyer instead.
What is a cash home buyer you ask?
Cash home buyers are real estate investors, and they've got money to spare. These investors are looking for good deals, no matter the condition of your home, and they work quickly.
Most investors will buy your house in as-is condition, never requiring you to make repairs. In addition, there are no hefty agent commissions to worry about. They don't charge fees, and by using their cash or the cash of their private money sources, they skip all of the paperwork that retail buyers have to provide to banks for financing. This often means that a closing can take hardly any time at all.
How does the sale work with an investor?
The investor will want to know all they can find out about the property, so be sure to volunteer as many details as possible. They do not care about the condition of the property in their decision about whether or not to buy, but they need to know what to expect so that they can turn a quick profit. Because of this, make sure you are forthcoming about any damage or defects. Finding about it later when you knew can delay a sale. If it is disclosed ahead of time, the investor won't waste your time. They will make a note of it and move on to the next detail.
Due diligence is a must with investors, so they may have contractors with them when they look at the home. They may take notes, pictures, and a video walk-through.
Once you get an offer, they will work with the title company to close as quickly as possible. Time is money, so real estate investors tend to work fast. In addition, most investors pay the closing costs. This is especially helpful when it comes to buying preforeclosures such as yours because you may not have the money.
Do you need to stop foreclosure and save your credit?
Submit your property here or call 888-519-3721.