Can you sell your house if it’s in foreclosure? Many homeowners would suggest that you can’t. However, selling a house in foreclosure is possible under the right circumstances.
Many homeowners that are facing this devastating scenario ask, “can you sell a house in foreclosure?” Panic can easily set in during these situations.
It’s important to remember that many people fall on hard times. You’re not the only one asking, “can I sell my house to avoid foreclosure?” There are several options that could provide you with some relief.
Can You Sell a House Before Foreclosure?
When you ask, “can I still sell my house in foreclosure?”, it’s understood that the situation is urgent. Honestly, time could be more of a factor than you think.
Once a foreclosure has been filed, you are at least 120 days behind on your mortgage payments. Can you sell your house if it is in foreclosure? The answer is yes, but you must move quickly.
Already being 120 days behind on your mortgage means the bank wants their money. Selling your house before foreclosure is finalized is extremely important.
Use these tips when you attempt selling your home before foreclosure.
Can I Sell my House Before Foreclosure? Tips You Should Know
The first thing you should do is gain some insight regarding the home sales in the area you live. Understanding the average selling price of houses in your neighborhood can give you a general idea of how to price your home. Selling your house before foreclosure means you may have to take less money than you originally desired.
The negative aspect is that listing your home takes a substantial amount of time, so selling your home before foreclosure may not be a possibility. You may have to take alternative measures to sell your house before foreclosure.
Sell My House Fast Before Foreclosure
“How can I sell my house fast before foreclosure?” There are other options available to sell your house before foreclosure. Using a real estate investor is one of the best ways of selling your house before foreclosure to avoid credit hits.
You should understand a few things if you are selling a home before foreclosure. It’s possible you don’t have to sell your house for a rock bottom price just to avoid a foreclosure on your credit. “How can I sell my house fast before foreclosure?” The section below has your best options as well as the benefits.
Benefits of When I Sell My House Fast Before Foreclosure
Selling your house before foreclosure doesn’t mean you should lose money that you’ve invested into your home. Regardless of whether the process has already started, selling your home before foreclosure can still save your credit. You also stand to reap the following benefits when you sell your house before foreclosure:
- Selling your house before foreclosure means you don’t have to make costly repairs on the property.
- Selling your home before foreclosure also means that you avoid the embarrassment of foreclosure. Regardless of how compassionate they seem, you still feel like neighbors and family are looking down on you.
- Once you sell the home, it’s completely possible to receive a loan later by selling your house before foreclosure. Credit unions and banks will still view your credit as somewhat favorable because of the lack of a foreclosure.
- If you choose to use a real estate investor, you also avoid the hassle of dealing with a real estate agency. Some realtors will drag you through the mud, and it’s possible they won’t deal with you at all if you’re facing foreclosure.
- Listing a home in foreclosure means that predatory buyers might smell your desperation and use it to their advantage. Many people can easily get upside down and lose all the equity in their homes during these situations.
How Do I Sell My House Fast Before Foreclosure?
If you’ve been asking, “how can I sell my house before foreclosure?” we’ve given you the benefits. Use the following section to find out how exactly you can accomplish this.
- Find a reputable cash buyer in your area. Make sure they are well-reviewed and have a reputation for doing good business. Contact them and explain your situation.
- Normally, they will schedule a quick inspection of your property. This usually takes place within one or two days after the initial phone call. You meet them at your home, and the inspection takes about 30 minutes.
- After the short inspection, you can expect an offer within 24 to 48 hours. Ensure the offer is fair, then ask them if they possibly have proof of funds or can provide you with a deposit.
- Ask them what they plan on doing with the house after they buy your house. This gives you an idea of what their expenses are. Knowing this can be very telling regarding how fair their offer is.
- Assuming you accept the offer, the waiting period is normally seven to 14 days. Most cash buyers are flexible regarding the closing date.
- Make sure there are no fees or commissions built into the final cash amount. The initial offer should be the same as the amount of cash you receive for your home.
Avoiding foreclosure doesn’t have to be impossible. There are many reputable cash home buyers that are waiting to bail you out of a tight spot. If you’re in this situation, don’t be discouraged. You can easily move on from a close call with your credit still in fairly good shape. Use it as a learning experience for your future affairs! Visit our FAQ section if you have any questions and feel free to contact us anytime you want!