Sell a House in Foreclosure

 

If your home is headed to foreclosure, know that there’s still time to save it, and your credit. Your house is still yours until it goes to auction, and goes through the redemption period. So you should have at least a little bit of time to get your finances in order before you go into foreclosure completely. If you’re in default, you’re in what the industry calls “pre-foreclosure.” Typically you will have 4-5 weeks in pre-foreclosure, this is when you want to get busy as you will have more options. After that it goes to the sale where the bank will bid or an investor may purchase your mortgage. After this happens you typically have a 6-12 month redemption period where you have to pay the debt back in full, usually by selling your home. So, what can you do?

Sell Your Home for Cash

The simplest option for many homeowners facing foreclosure is to negotiate a sale that your lender will accept. Unfortunately, if you’re in pre-foreclosure, you don’t have much time to find a buyer, and it can be difficult to arrange a traditional sale that will close in time. When you work with Renewed Homes, we can make you a cash offer to cover your missed payments and purchase your home. Since our offer is made in cash, you don’t have to worry about a long closing process. Instead, you get an offer that satisfies your lender and helps you move on from that home quickly, before your foreclosure is final.

Work With Renewed Homes to Find a Creative Solution

If you don’t have much equity in your home, it can be difficult to arrange a cash sale that will cover what you owe your lender. It’s important to know that you still have options —  you don’t have to settle for the foreclosure. Renewed Homes specializes in creative solutions, and we have arranged a number of sales where our clients are able to avoid foreclosure, build their credit back up, and receive cash on top of that. This solution has helped so many of our clients, and it might be right for you, too. If you’re hoping to avoid foreclosure, but don’t have the money to pay back your lender, we have the experience and the ability to help.

 

What to Know About Selling a Home in Foreclosure 

It’s good to remember that selling a home in foreclosure is not just stressful and heartbreaking for you, it’s also expensive and time consuming for the lender. In the event that your home does go to auction, they’ll have to put the house up for sale, find a buyer, and then go through the closing process, which costs a lot of money, and requires a whole lot of paperwork. That’s where short sales come in.

 

What to Know About Short Sales

It’s good to remember that selling a home in foreclosure is not just stressful and heartbreaking for you, it’s also expensive and time consuming for the lender. In the event that your home does go to auction, they’ll have to put the house up for sale, find a buyer, and then go through the closing process, which costs a lot of money, and requires a whole lot of paperwork. That’s where short sales come in.

By talking to your lender, and explaining to them your situation, you may be able to get them to agree to a short sale. In a short sale, the lender agrees to take less money than you owe, in return for you paying them as much as you possibly can for the house. Essentially, you offer them the most money you can get, typically from selling the house, and they take the money and forgive the remainder of your debt. You have to sell your home, but your credit doesn’t take the hit, and you’re done with the stress of maintaining a home you were struggling to afford. If you’re honest, most lenders will accept the possibility of a short sale, because it relieves them of the duty of auctioning and selling the house themselves, as well as all the paperwork that goes along with it. 

Selling a home in foreclosure isn’t easy. First of all, it’s your home, so it’s difficult to say goodbye to the memories you hold there. Second, it’s a stressful process that often involves a lot of worry and sleepless nights. Know that if you’re looking for a way out of your pre-foreclosure home, you do have options. Renewed Homes is always looking for homeowners who’d like to sell, and we pay cash and can close within 14 days when necessary. We take homes of all shapes and sizes, and would be happy to help you find a way out of that stressful situation. 

As a local West Michigan company, we work to help our clients out in any way that we can, and that includes scheduling a walkthrough with you in under 48 hours, purchasing the home without a realtor, repairs, or an inspection, and offering cash sales. A trusted, local business, we’re here to help you as best we can, as quickly as we can.

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Rehab

vs.

Selling Your Home

All the information you need to to make the decision that’s best for you and your family when it comes to selling or rehabbing your home. 

Cost of Selling Your

Home Through

a Retail Transaction

Homeowners enter into the retail transaction process because it’s the only option they know. This guide will help you better understand the transaction process. 

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