Foreclosure is a very scary thing. If you haven’t been able to make your mortgage payments and your bills have been stacking up, the bank might be threatening to auction your house away to pay for the backlog of debt.
If you can sell your house before the bank auctions at foreclosure rates, you will be able to avoid the long-lasting damage to your credit score and walk away with some cash in your pocket.
You’ll have to sell quickly, but that is possible with the right holdings company.
Can I Sell My House After It Is Foreclosed?
When a house is reclaimed by the bank due to foreclosure, the owners take a huge credit hit.
Your credit score can decrease by a hundred or more points, and the mark of foreclosure stays on your record for up to seven years. If you can avoid that stain, it’s best to do whatever’s necessary.
Foreclosure might seem like a devastating blow, but it actually can be avoided. Legally, you are allowed to sell your house until the bank claims it. Until it is at auction, the house is still yours and you can dispose of it as you like.
The best option is to sell your house before it is foreclosed. Knowing that you are behind on your mortgage payments might help motivate you to sell. If you don’t have a looming auction date, you’ll be more relaxed and not as desperate for options.
However, it’s still possible to fight for your house after it’s been foreclosed.
Talk to your lawyer or the bank to discuss the auction date. It could be in all of your best interests to get your house completely sold before then. After all, a foreclosed house is a hassle for the banks and money lenders as well.
Short Sales
If you are researching the idea of selling your house during the foreclosure process, you might have heard of a short sale. What is it, and will it work for you?
A short sale is a compromise between the homeowner in arrears and the lender. It is a sale of the house in foreclosure at a price less than what is owed by the homeowner. The lender agrees to this and takes all of the profits from the home sale.
Once the house is sold, the lender either forgives the rest of the debt or requires the homeowner to pay the rest through the legal system. Either way, it’s less hassle and less credit damage for both parties.
If you are interested in a short sale, you’ll have to convince your lender that you can sell your house quickly and for a fair price. Then, negotiate whether they will forgive your outstanding debt or require you to pay it.
With these steps, you’ll be able to escape lasting credit damage and settle most, if not all of your debt.
Note: In some states, it’s illegal for a lender to pursue more money once they’ve agreed to a short sale. You’ll have to research the laws in your state to determine what is legal.
How to Sell Your House Fast
There are multiple ways to sell your house.
The traditional way uses a realtor, a professional who knows the market and can get you a good price on your home. However, if you are facing foreclosure you simply don’t have time for the necessary paperwork, inspections, or showings.
A quicker way to sell your home is by the owner or to an individual buyer. However, this will generally get you a lower price.
If you aren’t experienced in appraising houses, any buyer might lowball you with an offer that doesn’t reflect the true worth of your home. You might end with less money than your home is worth.
Sell Your House As-Is
To sell your house as fast as possible for the highest price, your best option is to find a cash buying company that buys houses professionally.
Zee Holdings cuts out the middleman to get you the best offer as quickly as possible.
When you sell your house as-is, you’ll be able to avoid all the inspections and repairs and walk away from your home within a week or two. This is ideal for a house under threat of foreclosure.
If you can get your lender to agree to a short sale, you might be able to save your credit and reduce your overall debt.
Here are some of the benefits from selling your house through a cash-buying company:
- Avoid realtor fees, closing costs, and extra expenditures
- Get your money quickly and stress-free
- Avoid inspections, showings, and repairs
- Sell your house with the least amount of stress
- Stay away from low offers or long waiting periods during the listing
Sell Your House Fast With Zee Holdings
If you are under threat of foreclosure, consider selling your home to a house buying company like Zee Holdings. It’s the quickest and easiest way to sell your house.
In order to sell your house to a cash buying company, you just need to make an application and wait for their appraisal. It is an easy way to sell your house without doing any extra work or waiting months for an offer.