Sell Apartments Before Foreclosure
Tenants who benefited from Coronavirus “no eviction” legislation may be happy, but many landlords may have to sell apartments before foreclosure begins on their properties now. The grace periods for late payments to commercial mortgage lenders are expiring and that means some apartment owners must catch up or face foreclosure.
Long before the pandemic began wreaking financial, social and medical havoc in 2020, commercial mortgage lenders sometimes filed foreclosures in the last quarter of each calendar year. This practice was designed to avoid court battles during the year-end holiday period. More than two years have elapsed since Covid19 began and the financial consequences are starting to catch up with real estate owners who had tenants legally allowed to avoid paying rent.
In 2020 the number of foreclosure filings was much lower than normal. In 2022 it remains to be seen how many commercial foreclosures will be filed. The number may be higher than normal. One way to avoid foreclosure is to sell a property and pay off the mortgage balance. Mortgage lenders will usually negotiate because they would rather receive a portion of the money owed to them than be forced to take ownership and possession of apartments by foreclosure.
We Pay Fast Buys Apartments Fast
Investors who are equipped to pay cash and close fast on residential property are easier to find than investors in apartments. We Pay Fast is a team of professional real estate investors buying houses, condos, apartments, buildings, and warehouses. They pay cash and close fast, even on their commercial real estate purchases.
Calling 1-800-WePayFast (1-800-937-2932) or sending an email to info@wepayfast.com are two good ways to get in touch with the professional investors at We Pay Fast. They have the experience and the team to put together a closing and help apartment sellers avoid foreclosure.
A call or an email will result in a call back within 24 hours. After the phone call, if an initial assessment of the property interests them, We Pay Fast will request more financial data and make their decision quickly. It is possible to close commercial transactions in as little as two weeks from signatures on a purchase agreement.
It is possible to sell apartments before foreclosure by calling 1-800-WePayFast (1-800-937-2932) right away.