How You Can Quickly Sell Your House Now To Avoid Foreclosure

Can I Sell My House To Avoid Foreclosure?

The simple answer is yes, but you have to be careful and quick. As you look for a realtor, your lender may lose their patience and potential buyers may be less generous with their offers. This article will help you make the best of your situation. 

Foreclosure Sucks

The past few years have been rough for everyone, and many have had a hard time keeping a grip on their finances. If you are a homeowner, you may find that your financial security is not where it was when you first set up the conditions on your mortgage. If you have missed enough monthly payments (usually three), your lender has probably issued a pre-foreclosure, which means they are beginning the process of foreclosing your property. 

In a foreclosure, the lender takes ownership of the property and auctions it to pay off the rest of the loan. You, the homeowner, will be evicted from the property and will not make a penny from the auction. Adding insult to injury, your credit score will tank (usually by at least 100 points) and stay low for several years (up to seven). 

You may be spending your nights restless from the stress of the situation, wondering: "can I sell my house to avoid foreclosure?". Luckily, if you are considering strategies, you probably still have time to take action.

Selling a Home Is Not Easy

Selling your property is a great way to perform damage control in a stressful situation. By carefully finding an offer that will match what you owe, you can satisfy your lender without harming your credit. You may even earn a profit if you can find an offer higher than what you owe. 

If you don’t sell quickly, your will take over the property and kick you out, giving you little control over the outcome. By taking ownership of the process and finding the best offer, you can ensure that your lender gets the rest of their investment, and you can move from the property with dignity.

Unfortunately, selling property is no easy matter. To get a good offer, you may have to invest more of your limited funds into costly repairs and spend valuable time deep-cleaning. Many real estate agents might ask to set up stagings for potential buyers, which will take up your limited time. 

Furthermore, buyers will not give you the best offer possible. Most buyers will know that you are desperate to avoid foreclosure and might place offers that are well below what you owe. 

Selling for below what you owe is called a short sale, and it is far from a good option. While this scenario will get you out of a foreclosure, it will still negatively impact your credit by a considerable amount. 

However, you can’t spend too much time looking through buyers. You still have to be mindful of your lender, who will take ownership of the property if you don’t make your own deal within a certain amount of time. 

Who Should I Sell To?

• Make the best offer possible as fast as possible
• Take the home as-is
• Pay in cash

As expressed above, avoiding foreclosure is a race against time, so finding a realtor who can work quickly is vital. Ideally, a buyer will offer to take the home as-is, which means they will buy the property in whatever condition you have – so there is no need to deep clean or spend money on costly repairs. You also want to find a buyer who will pay in cash. Home flippers may try to take out loans of their own to pay, but many lenders will not be iffy on these deals and will want you to wait for an offer that pays in cash.

You may find buyers who will have one of these qualities, but unfortunately, there are few traditional real estate investors with all three. This is because potential buyers and your lender are not in the business of helping you make the best of the situation.

"If your house is older or in disrepair, the Realtor will probably suggest you renovate the problem areas to prepare your home for the market, costing you both time and money. The costs continue to pile up at the closing table, where you are responsible for the agents' commission, among other expenses. On top of all that, while most Realtors work hard for their clients, not every agent has your best interests at heart"

-- Souki Fournier

Tip: you don’t need to go the traditional route.

The Simple Solution

Simply Homes is in the business of helping you make the best of the situation. Simply Homes uses automated data-driven technology to give you the best offer possible in as little as 30 seconds. This offer is as-is, and in cash, so you will be able to satisfy your lender quickly. 

Can I sell my house to avoid foreclosure?

You can take comfort knowing the answer is yes- and Simply Homes will give you an excellent offer while staying respectful of your valuable time. Contact Simply Homes now to get your offer and find peace of mind.