U.S. foreclosure rates reached a 15-year low in 2019, but we may soon see a rebound as the COVID-19 pandemic continues to ravage the U.S. economy. If you find yourself facing the possibility of foreclosure, you have a few options. You can contact the bank and try to work out a loan modification, you can file for bankruptcy, or you can sell the home and use the money to start fresh. Each of these options has its pros and cons, but for the purposes of this article, we’re going to look at the third option.
Selling a House to Avoid Foreclosure—Is It the Right Approach for You?
Selling your home to avoid foreclosure does have some disadvantages. For example, if you have to sell in a hurry, you usually won’t receive the full market value. Also, when you opt to sell, you’re surrendering all possibility of saving your home. That’s why some people choose loan modifications and other options that allow them to remain in the home.
However, for the right person, there are also some distinct advantages to selling before a foreclosure. For example:
- It allows you to get ahead of the bank and protect your credit score.
- It can provide a lifeline when you don’t have the equity to refinance.
- It allows you to make a fresh start with cash in hand.
- It allows you to vacate the home on your own terms.
If you have a family, selling the home can also prevent a great deal of heartache and trauma. By selling and starting fresh, you can hold your head up high and avoid the foreclosure process altogether.
When Selling a House to Avoid Foreclosure, Consider a Real Estate Investor
If you’re considering selling your home prior to foreclosure, the important thing is to act quickly. When you work with a real estate agent, it can take several months to sell your home. Within that time, the bank may swoop in and take over, leaving you at a complete loss.
That’s why, for people facing foreclosure, the ideal option is usually to work with a real estate investment company that buys homes for cash. These companies will sometimes flip the home and sell it for a profit, or they might use it as a rental property. The biggest benefit to you, the seller, is a short sale and a lump sum of cash. You’re able to move quickly and make a fresh start before foreclosure sets in.
When you sell to a real estate investment firm like Get Fair Home Offers:
- You can be out in as little as 10 days, cash in hand.
- You don’t have to clean, make repairs, or even hire a home inspector.
- You don’t have to pay real estate commissions or fees.
You may earn slightly less than your home’s market value, but you’ll receive a quick, all-cash payment that you can put toward your next purchase or rental. You’ll also be protecting your credit score in the process.
Does this option sound right for you?
We buy houses fast in Los Angeles for cash. Let us help you sell your house to avoid foreclosure! Contact us today for more information! (626) 817-3351.