Saving our home is a natural desire. Should the time come when we’re several months behind on mortgage payments, it’s time to think about avoiding foreclosure by selling a home.
It’s a homeowner’s worst nightmare, in many ways. Most people really want to choose where they live, and they also like to keep their legal agreements. Foreclosure interferes with both those normal desires. Ending the nightmare often moves to the top of the list of desires, over and above the desire to keep a home.
Real estate investors owning several houses are subject to this situation, too, not only homeowners living in their single home. Anybody who buys residential real estate, for a personal home or for an investment, faces the same consequences if they get behind on their mortgage payments. It can happen to any of us.
How To Sell A Home In Foreclosure
Communicating with the lender is crucial, whatever decision you’re making when selling a home due to foreclosure. Talking through your legal options as the lender sees them is the best way to stay out of trouble and stay within your legal rights at the same time.
You still own the home until the foreclosure process is final, which means you still have the right to sell it. At closing, when your buyer provides money to buy the home, all the back payments and balance you owe on the mortgage will be repaid to the lender. If there’s enough equity in your home to sell it and repay the lender, as well as the real estate broker, listing it on the multiple listing service in your local area is appropriate.
If you don’t have enough equity in the home to pay off the mortgage and to pay the real estate commission on top of it, then you may need to consider your other options. One of your options is called a short sale. That means your lender agrees to take less than you owe in order to avoid the costs associated with pursuing the legal foreclosure process, which is expensive.
Selling a Home in Foreclosure by Owner
If you are in a hurry to repay your lender, and you have no interest in working with a real estate broker who charges a big commission, you have another option available to you when you’re avoiding foreclosure by selling a home.
You can call a professional real estate buyer and get an offer on your home immediately. Selling to We Pay Fast means you have no long delays due to foreclosure and no real estate commissions to pay. Call (405) 521-1807 or email us at [email protected] to sell your home and stop a foreclosure.