If you are facing foreclosure and looking for a way out, you need to know how to sell your house fast. Finding local home buyers can be challenging. But before assuming the worst, it helps to know your options.
A short sale is a possibility, though this may take more time than you have. Selling to a real estate investor is another option – and it may very well be your best one. Companies that buy houses can take your property off your hands quickly and help settle your debt. This way you won’t have a foreclosure impacting your credit and you are free to move on.
Before you can decide which option is best for you though, you need to understand the differences between foreclosure, short sale, and selling to a home investor.
What Is Foreclosure?
Foreclosure is what happens when a home loan or mortgage is not paid and goes into default. At this time, the lender demands repayment of the entire loan. When the money owed can’t be repaid, the bank initiates legal proceedings to repossess the home and sell it to recover the money owed. During foreclosure, a homeowner is evicted from the property, often leaving a family without a home as well as negatively impacting their credit. Foreclosure is a circumstance that should be avoided, if at all possible. Sometimes this means considering a quick sale to a real estate investor. That scenario could allow homeowners to recover any equity they have built in the home, even if the mortgage is in default.
How to Sell Your House and Avoid Foreclosure
There are a few basic ways to avoid foreclosure. The first is a short sale. This is when the bank agrees to let you sell your house for a reduced price. The reduced price will entice buyers and will help you sell your house quickly. This has advantages and disadvantages. It will allow you critical time to relocate and will help you avoid having a foreclosure on your credit report. However, you may lose whatever equity you have built in your home. The bank will keep enough of the sales proceeds to pay off as much of the mortgage owed as possible, meaning there’s a good chance you could receive nothing from the sale.
Can Selling to A Home Investor Be Better?
A short sale is not your only option when facing foreclosure. If you’re looking for other options for how to sell your house quickly, consider companies that buy houses for cash. As long as this action is taken quickly, there are many advantages to working with a cash buyer.
Like a short sale, selling your house for cash will help you avoid foreclosure and protect your credit. But unlike a short sale, you will have more flexibility to set your own timetable and more control over the sale price. This is often a much better option since it will give you a better chance of retaining some of the equity you may have built in your home. So before you let your house go into foreclosure or agree to a short sale, talk to a home investor like Home Cash Guys. You may be able to pay off your mortgage and still walk away with cash in your pocket.
Need To Find Reliable Home Investors in Philadelphia PA?
At Home Cash Guys, we buy houses for cash in Philadelphia, Delaware, Chester, Bucks, Montgomery, Berks and Lehigh County. Learn how we can help you sell your house fast, as is. We can close in as little as 15 days, we don’t take commission, and will even cover closing costs. Get started or call (215) 515-0064 today!
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