No one wants to lose their house and walk away penniless, so it’s important to know how to avoid foreclosure and sell your house quickly if you can’t make your mortgage payments. Foreclosure is almost always avoidable, which can save your credit score and your bank account seriously in the months to come.
What if you don’t know how to sell your house ASAP to avoid foreclosure? Read on for two accessible methods.
Make a Short Sale
Firstly, you can make a short sale to your current mortgage lender. If you’re like most Americans, you don’t own your house outright but instead, have a mortgage contract where you pay a certain amount of money each month to the mortgage lender.
With a short sale, you offer to sell the property back to the lender or bank who financed the loan. In most cases, you’ll sell the property for a lower price than they would normally charge on the open market. This comes with a few benefits for homeowners and lenders alike:
Homeowners get a little bit of extra time to relocate
Homeowners can often escape without major damage to their credit scores
Lenders, meanwhile, don’t have to go through the expensive foreclosure auction process
Instead, lenders get to pocket any money they do make and can use it for future investments
On the downside, short sales don’t usually leave you, the homeowner, with any money. You’ll also lose any equity you may have already built up in your home up to this point.
How to Avoid Foreclosure and Sell Your House Quickly: Sell to a Cash Buyer/Investor
Alternatively, you could sell your property to a cash buyer or investor. A cash buyer purchases houses for their full prices, rather than entering another mortgage contract. For example, if you find a cash buyer for your mortgaged home, they will offer to buy the mortgaged home from the lender outright.
That’s an attractive prospect to lenders since it means they get to recoup their full investment and don’t lose money overall. But it can also be beneficial for you, the homeowner.
Why Sell to a Cash Buyer Instead of the Lender?
Simply put, selling to a cash buyer instead of the lender allows you to escape the possibility of foreclosure without any damage to your credit score. More importantly, depending on how much equity you’ve built up in your home, you could get out of the sale with some profit, even if it’s not a lot.
Selling to a cash buyer is also usually faster than selling your home to another lender or someone else trying to buy the home through traditional financing. Cash buyers are oftentimes investors who purchase properties to fix them up and sell them for higher prices, or they may be investors who wish to rent properties after renovating them.
Regardless, cash buyers give you the option to avoid foreclosure and sell your house very quickly in a pinch.
How to Avoid Foreclosure and Sell Your House Quickly: Contact KC Property Guys to Request an Offer
KC Property Guys have bought and invested in Kansas City homes for many years. As experienced cash buyers, we know exactly how to help you sell your home quickly so you can avoid foreclosure and walk away with some money in your pocket. We might be interested in your home for a variety of reasons, whether it’s a home you inherited, a house in disrepair, or a house you simply can’t afford because of economic troubles.
Want to know more or get an offer? Contact KC Property Guys today to avoid foreclosure and sell your house quickly.
