If you’re reading this, you may be wondering, “How do I sell my house fast before foreclosure?” When foreclosure looms, many people panic. After all, foreclosures are lose-lose situations that hurt everyone involved. Homeowners lose homes, banks spend money, and neighborhood property value falls.
The good news is that getting a foreclosure doesn’t have to end terribly.
In fact, there are a few ways to avoid foreclosure altogether.
One of the best options is to sell your house quickly before the foreclosure action is complete. We’ve put together a guide that can help you through this process—fast.
Figure out How Much Time You Have
Some homeowners can tell foreclosure is coming even though the process has not begun. For example, if you’ve struggled to make mortgage payments for a while, this applies to you. You have more time because the bank has not issued the foreclosure notice yet in such a case. So do some accounting and figure out how much time you have considering the payments you’re planning to make and your lender’s foreclosure process.
If your foreclosure process has already begun, you have less time. Talk to your lender and figure out exactly how much time you have before they finalize the process.
This step will give you your timeline for making a quick sale.
It’s the first step in the foreclosure process and it offers the opportunity to find a better solution than foreclosure; for instance, you can take loan modifications and refinancing options. A loan modification is a permanent change to your mortgage terms, while refinancing replaces your existing loan with a new one.
If pre-foreclosure negotiations are a distant dream, you need to focus on making a quick sale. However, short sales involve selling the home for less than what you owe on the mortgage, and the lender may make a loss, which they want to avoid. In the worst-case scenario, they can reject a short sale request.
It is essential to work with short-sale experts so that the deal is acceptable to your lender. This way, you avoid having your request rejected.
Working With Short-sale Experts
Selling your home is the best way to avoid foreclosure. However, some lenders refuse short sale requests if they believe the house will sell quickly at auction.
The best way to avoid this scenario is to work with a real estate investment company that understands your situation.
At Fast Home Buyers, we work with homeowners to give them a new lease on life. Call us today at (888) 205-5005 for a fair offer.