Life isn’t always easy. You can lose your job, be riddled by a pandemic, face divorce, or suffer a major injury at any moment – and when it rains, it pours. These tragedies impact your life in more ways than just one and missed mortgage payments are one of the biggest culprits.
In 2020, there were over 200,000 foreclosure filings in the United States alone. These numbers have increased during the COVID-19 pandemic, which has left millions of families struggling to get through the week – let alone the month. Today, foreclosure filings are at an all-time high.
With that said, facing foreclosure isn’t the end of the world. In fact, homeowners and business owners have plenty of options when those foreclosure notices start appearing at their doorstep and one of the best options might be to sell the property before it makes its way to the foreclosure auction.
So, can you sell a house in foreclosure?
Most homeowners are under the impression that they can’t sell a home in foreclosure, but the truth is you can – in most cases. While regulations, codes, laws, and standards often differ in cities across the country, you usually have until the house is auctioned off to sell the home.
The problem that most homeowners make is they wait too long before putting the house on the market and fielding offers for the home. This results in the homeowner needing to sell fast and often ends in a lower-than-expected offer. Of course, this can be avoided by acting early.
Selling your home in foreclosure can help you avoid foreclosure and might even earn you some extra spending money to start a new chapter in your life — helping you avoid financial hardship. In order to do that, you’ll need to sell the home for a good price and that often requires several months before receiving the right offer.
How Long Are Homes Usually in the Foreclosure Process?
The process for placing a home in foreclosure varies by state and also depends on the mortgage company. With that said, homeowners can typically expect a foreclosure notice anywhere between three and six months after the initial missed mortgage payment.
The homeowner receives a notice with how much they owe and how long they have to get caught up with payments. At that point, it can be anywhere from two to six months before the sale of the property – which is usually the homeowner’s deadline to sell the home in foreclosure.
How Long Does It Take to Sell a Home in Foreclosure?
Believe it or not, executing a foreclosure sale isn’t much different than selling a home traditionally. The process is the same – you’ll list your home on the market, you’ll field offers for the home, and then you’ll eventually accept an offer. From there, the deal is closed and finalized.
With that said, there are several factors that impact the amount of time it takes to sell a home – including the list price, the condition, the location, and the market in general. Since most homes in foreclosure are priced aggressively, they generally sell faster than other homes in the area.
Can You Sell a Home With Missed Mortgage Payments?
The answer to this question is often similar to the one we answered before – yes, you can sell your home if you have missed mortgage payments. This is an attractive option for anyone that feels they won’t be able to keep up with payments or are already too far behind, to begin with.
The main goal behind selling a home in foreclosure or a home with missed mortgage payments is to avoid having the home auctioned off while giving you the cash you need to pay off any debt and move forward. Hopefully, you can pay off the rest of the mortgage and have some leftovers.
How to Sell a Home in Foreclosure or Pre-Foreclosure
Selling a home in foreclosure or during the pre-foreclosure stage can be extremely beneficial when done correctly and at that right time. It can save you from embarrassment, eliminate any debt, and give you an opportunity to start over without the fear of ruining your credit report.
Here are some tips you should follow when selling your home in foreclosure:
- Get a professional estimate on how much your home is worth
- Get an exact number of how much you owe on your mortgage
- Take into account the costs of closing the sale
- Your goal is to accept an offer that allows you to pay off the mortgage and closing costs, while still having some cash leftover
- Work with a real estate agent that has experience selling homes in foreclosure
- If you can, find a cash offer that closes within days, that way you can act fast
If you have a home facing foreclosure and need to sell your home fast, but want to avoid all those lowball offers from buyers that only want to waste your time, then contact Sell Your House Fast Kansas City. We’re ready and willing to provide you with an honest, fair, and real cash offer – you’ll have cash within weeks.
The Best Advice We Have for You Is…
The best advice we could possibly give you when considering selling your home in foreclosure is – don’t wait, act now! The longer you wait, the more aggressive you’ll have to be with your price when selling the home. If you’re looking to sell fast, you’ll need to reduce the price greatly.
By premeditating, thinking ahead, and staying prepared, you can start fielding offers for the home very early on in the process. You won’t need to settle for the first offer that comes your way and you’ll likely have several competitive offers to choose from – which sparks a bidding war.
Need to Sell Fast? Contact Us Today!
At Sell Your House Fast Kansas City, we understand that some homeowners are in a pinch and need to sell fast. If you need cash now, then you’ve come to the right place. Contact us today to receive a real, no-obligation cash offer on your home, no matter what condition it’s in or where it’s located.
