Many homeowners, for obvious reasons, do not consider the possibility of losing their home when they buy it, that’s why being served with a foreclosure can feel like a really cruel kick to the guts. But even if you’re looking at selling to avoid foreclosure facing right now you do have options to “Sell my house fast Philly” that can work in your favor.
Unfortunately, though, this piece of terrible news will not go away on it’s own if ignored, no matter how much we’d like to think about it. The sad truth is, decisive action needs to be taken, and fast. Sometimes, selling your home before foreclosure is the only real option available to you.
When you think through things carefully, you’ll see that, while not perfect, selling your home before foreclosure can be the best way out for you. Even if it doesn’t make the problem go away entirely, it can go a long way towards drastically reducing your debt and giving you much-needed breathing space.
If you’re unsure what your next moves are, here are 5 practical and effective steps to selling to avoid foreclosure
1. Whatever You Do, Avoid Traditional Methods Of Sale
Going the traditional route is a non-starter that may severely jeopardize your chances of reaching a worthwhile conclusion of the whole process. For obvious reasons, you may also want to avoid dealing with real estate agents.
For starters, a real estate agent will want to list your home in the market. Depending on the market situation at the time, completing a sale might take anywhere between 3-6 months, more in most cases, which is time you simply do not have. There’s always the risk that the buyer is unable to secure a loan after a deal has been agreed, effectively taking you back to square one and wasting all the time it took to reach that stage.
Secondly, real estate agents are likely to demand a huge chunk of whatever is realized as their commission. If you sold your home for less than what you owe, you simply cannot afford that commission.
Finally, you may have to spend in order to get your house ready for the market if you want to sell through traditional methods, in order to get buyers interested in the house. This is a catch-22 situation; you wouldn’t be in a position where you’d need to desperately sell the home if you had enough money to meet your financial obligations.
2. Sell Before The Time Limit
Time is of the essence, so you’d need to make your move and find the right buyer as soon as it becomes clear that you’re going into foreclosure.
What you need is a cash buyer in your area who’s ready to buy your home immediately. This is an entirely feasible and convenient option, that’s why many distressed home sellers prefer it.
Selling to a real estate investor eliminates the need to waste time before finalizing a sale; a sale can be wrapped up in as little as one week. You also save agents’ commissions and all other expenses, including closing costs, which the buyer would be happy to pay for you.
Moving on, cash buyers are happy to work with your schedule and can offer greater flexibility, not to mention the fact that they offer greater peace of mind. With them, there’s no risk of any deal being scuppered at the last moment due to an absence of financing, or a change of plans.
3. Be Wary Of Foreclosure Scams
The sad truth is that even at this point when you’re potentially at your lowest, there are still some unscrupulous elements out there looking for an opportunity to score a quick buck at your expense.
The moment word gets out that your home is going into foreclosure, you’ll likely be inundated with offers from investors and companies with deep pockets ready to purchase your home. The kicker is, while some of them are genuine, others may just be trying to trick you out of significant amounts of money. The trick, therefore, is to be able to sort through the real from the fakers.
This is not something to be handled with levity. Do your due diligence on any investor you’re considering. Carry out extensive research on the companies and read any contract set before you thoroughly before you commit. Remember, if a deal sounds too good to be true, it most often is.
4. Don’t Place Too Much Emphasis On Filing For Bankruptcy
Bankruptcy may offer temporary respite, but it won’t make every single problem go away. In any case, it will not be able to protect your credit score or even eliminate your debts. What it can do is temporarily stop the foreclosure process until the court decides on the validity of your bankruptcy. As you can imagine, this may just draw out the inevitable. At best, it may just be a stalling tactic.
Depending on your situation, the two types of bankruptcy open to you are Chapter 13 bankruptcy and Chapter 7 bankruptcy. While each of them have their pros and cons, the one most likely to allow you to keep your home is the former. It can help you if your struggles are only temporary and you expect things to look up in the near future. On the other hand, Chapter 7 bankruptcy will not save your home and you may be better off looking into other strategies instead of going down this road.
5. Locate An Honest Investor
This is the final step, but it’s no less important for it. As we mentioned earlier, you’ll potentially receive lots of offers when you put your home up for sale and among them will be scam artists looking to prey on your desperation. Your best move, then, is to find a cash house buyer that’s honest, reliable and trustworthy, like us!
Essentially, you’re looking for an investor like us at Home Cash Guys. We offer convenience, speed, and complete peace of mind when we buy houses Philly for cash. When you contact us, we’ll be sure to offer you a deal that helps you sort through this difficult situation and rid you of the stress of facing a foreclosure. We’ll also ensure that we make things as smooth as possible for you, so that you can devote most of your energy to getting back on your feet.
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