Something did not go the way it should have, and you are now looking to sell a house with foreclosure looming over your shoulder. Perhaps you got behind on your payments due to a lack of work, an illness, or simply because it’s too expensive. No matter why it happens, finding a way to quickly sell a home with foreclosure looming and get out from under this debt is critical, but how do you do it?
For many people, the challenge of how to quickly sell a house with foreclosure looming isn’t simple because they don’t know they have options. That is, this is not something most typical real estate agents can help you through, and your lender may not be willing to offer much help either. What do you do?
Know Where You Stand and What Your Options Are
ATTOM, a real estate research firm in the U.S., shared that, in 2022, 324,237 homes in the U.S. went through foreclosure. That is about a 115% increase from the year prior. That includes those who received foreclosure notices, default notices, bank repossessions, or scheduled auctions. That number is worrisome, especially if you are finding yourself in a situation where you’re not sure what you can do.
Before doing anything else, consider first where you stand when trying to sell a house with foreclosure looming. Be honest and open about what you’re facing.
- If you were 100% caught up on your loan payments, could you afford to continue to make those payments for the lifetime of the loan? In other words, if you were not late, would you likely fall into this same position again?
- Is your home worth as much as you owe on it? That’s another common situation in today’s market, especially if home prices continue to fall in some areas.
- Have you tried to sell the home and not had any success in doing so? The other component of the real estate market throughout the U.S. is that it’s gotten far more challenging to sell since fewer people are buying homes right now.
- Is refinancing your existing loan really going to help, or will you just find yourself in a harder position to repay the debt? More so, you may not qualify to refinance right now due to high-interest loans.
- Would it be easier for you to start over and just walk away from this home? That may sound easy, but you know that that’s not ideal from a financial standpoint.
The key to remember here is that unless remaining with the home loan long-term is financially sensible to you, it may not be the right decision for you to make. That means selling your home may be the decision you should make.
Find a Buyer to Sell a House with Foreclosure Looming
You could list your home for sale and hope for a buyer to come to you. However, doing this for sale by owner may be better as that would reduce some of your overall costs in paying a real estate agent. It means spending a lot of time navigating the process and working with attorneys.
As noted, some people have found that it is simply too difficult to sell on the open market right now due to much lower levels of demand. That means that even if you hire an attorney to help you or a real estate agent to handle the entire process, it could take some time to sell your home. But there are ways to quickly sell a house with foreclosure looming.
Consider Investors
When you need to sell a house with foreclosure likely to occur in the short term, you generally do not have enough time to wait out the market’s improvement. You may also find yourself unable to know what steps to take next to sell fast enough to keep your lender from taking action against you.
There are some investors that can help you to sell your home fast. For example, Valley Residential Group buys houses. The process is straightforward and simple, solving your needs and easing your concerns:
- You contact the company, and they provide some information to you. They also ask questions about your home.
- You then get to show the property to the team. It’s a simple process that allows them to check out the home.
- Then, you receive an offer usually within just 24 hours. That offer is not one you have to go with. In fact, you can change your mind at any time. However, it will be an offer that can help you to move on.
If you decide to go with the offer, the entire process moves forward quickly, allowing you to get the relief you need. This process will entail closing within a matter of weeks, helping you to have the time to move out, but also helping to sell the home before foreclosure actually occurs.
In addition to this, you do not have to list your home for sale, pay commission to a real estate agent, worry about staging your home, navigate hard inspections or appraisals, or have to worry about contingencies that can slow the process down. You don’t have to worry about being behind on mortgage payments, either, you can still quickly sell a house with foreclosure looming.
You Can Sell a House with Foreclosure Looming
When foreclosure is not the right decision but remaining in your home is also not ideal, it’s time to consider alternatives to sell a house with foreclosure risks. Valley Residential Group can provide that support to you. Take the time now to find out how well this process can work to meet all of your needs.