Can you sell a house to avoid foreclosure?
The answer is “Yes.” There are many options available where you can sell your house to avoid foreclosure. Whether you are in pre-foreclosure or have already entered the formal process, you can still sell your house prior to the auction. Though you need to ascertain a number of factors like how far behind you are on payments, if the foreclosure process has already begun, and how much time you have left, etc.
What’s the Benefit in Selling a House Facing Foreclosure?
If you sell the property before the foreclosure, you can pay the lender with the proceeds, including back payments and penalties. Moreover, by selling your house and paying off the debts, you can rescue your credit as well. In the long run, credit damage could prevent you from purchasing a home or even a car for years to come until your credit is repaired.
The best advice most agents give to sellers facing foreclosure is not to wait till the last minute.
What Steps Do I Need to Take?
Here are some steps you need to take before selling your home:
Set a Realistic Selling Price
You need to have your real estate agent prepare a Comparative Market Analysis (CMA) to know the real worth of your house. Your sale price has to match recently sold similar homes in your neighborhood.
Market Your Home Properly
Nowadays, most house hunting starts online. So, your home listing must be on all the top real estate listing sites.
Upload Lots of Pictures
The majority of buyers are not interested in a property that has no pictures. Therefore, you need to hire a professional photographer who specializes in real estate photography.
Clean and Update Your Space
Cleaning up and fixing minor repairs is essential, including a fresh coat of paint.
What Are the Advantage of Selling to a Home Investor?
On the other hand, selling your house for cash to an investor is different. The right real estate investment company could offer the correct solution if you want to sell quickly for cash.
Quicker Sale
Selling to an investment company can speed up the process compared to selling through a realtor, where it may take six months or more.
An investment company is ready to buy in cash and close the deal as quickly as seven days. This can be quite an advantage, especially if you’re in a situation where you need to sell fast.
No Repairs Necessary
If you’re selling a home to a traditional buyer or through a realtor, you need to spruce up your home and spend quite some amount on repairs, paints, etc.
But a real estate investment company will buy your home as-is, in any condition. If repairs are needed, either they will adjust the purchase price a little or get it done themselves.
No Commission Fees
Clearly, a real estate agent doesn’t work for free, and you need to pay a commission on the selling price. But a home investment company does not charge commissions or hidden fees.
Don’t Worry About Cleaning
Traditional buyers will undoubtedly want a home to be spotlessly clean when they move in. You need to spend days cleaning, polishing, and scrubbing a house you won’t even live in. But when you sell your house to an investment company, they will take care of the cleaning process.
If you choose to sell your home before foreclosure, get in touch with Sell My House Now MD LLC for a hassle-free, tension-free, and really fast selling process.
We buy and rehab homes directly from homeowners, and it’s our responsibility to perform any repairs and cleaning required to get a home into saleable condition. Get your payment in cash as early as 7 days.
Have any more queries? Visit https://sellmyhousenowmd.com/faq/ or submit the form and we will contact you.