There’s little in life that’s worse than having to decide between putting food on the table or paying your bills. It’s a tough decision, but when push comes to shove, mouths must be fed.
One of the biggest expenses American homeowners face is the mortgage payment. It can take over half of your monthly income and unforeseen circumstances can make paying this bill impossible.
Before you know it, the dreaded word -foreclosure- has snuck up on you. With months of mortgage payments, penalties, and fees stacking up, you can easily get overwhelmed and feel like everything is out of your control.
Regardless of how you ended up with your house in foreclosure, there are still things within your control. It’s worth it to explore your options before accepting a foreclosure, which has lasting impact on your credit report and can haunt you financially.
Let’s take a closer look at how you can sell your house quickly, even when you’re in foreclosure.
Here’s What You Can Do if Your House is in Foreclosure
Consider this story about Amanda who experienced a foreclosure. Amanda bought her first house after college with a 20% down payment. She made her mortgage payments on time every month for years and lived very happily.
But one day, her mother received a diagnosis of terminal cancer. Having no one who could take care of her mother, Amanda was forced to scale back from her job to care for her. She drained her savings account and the bills began to stack up quickly.
Before she knew it, Amanda was facing foreclosure. Not only would she lose the down payment and all the equity she had put into her house, now she faced a foreclosure on her credit report.
A red flag like that on her credit would follow her for years, making it difficult to apply for other credit, get a job, or buy another house.
With her ailing mother struggling to get through the day, Amanda had no idea what to do.
Many homeowners, through no fault of their own, find themselves in the same situation. Selling the house through a real estate agent is not always an option, especially in a buyer’s market where a house can remain listed for months at a time.
Before you know it, the house ends up in foreclosure. Many homeowners think there is nothing they can do once it reaches that point. But the truth is you can still avoid foreclosure if you can pay off the lender the total balance owed.
A close friend told Amanda about selling her house for cash. She owed less than her original loan amount and found an investment company to buy it as-is. The amount she was paid was just enough to cover the loaned amount, and it allowed her to avoid ruining her credit.
Like Amanda, you can still sell your house up until the foreclosure sale date takes place. You won’t own your home anymore – but your credit won’t take the hit.
A foreclosure on your credit report can affect you for AT LEAST 7 years. You want to avoid that any way possible. Selling your house for cash to an investor may be the best option for you.
Here’s what you can do to get the best cash offer for your home.
How to Get the Best Cash Price For Your Home
Remember, once your house is in foreclosure, the only way to avoid it is to pay off the lender. Getting enough money depends on the quality of offers that come through.
Here are some things to consider to get better offers:
Pricing – Be honest with yourself about needed repairs. What is the real value of your home versus the cost to make those repairs? Knowing the ballpark of the amount you will realistically be offered will help you decide if this is the right choice for you.
Be realistic about what you can expect from cash offers. This way, you won’t waste money marketing it or fixing it up if you can’t get enough to cover the balance you owe.
Marketing – In this digital age, make SURE your house is well marketed online to reach the most investors. Having a wider audience see your house will increase the number of offers you receive.
Condition – If you are already in foreclosure, chances are money is tight. But there are low-cost ways to increase the value of your home. Clean it thoroughly to give it the best possible impression for interested investors.
Fix minor issues that can easily be repaired. You don’t have to spend a fortune, but make it as problem-free as possible.
When it comes to finding cash offers for your house, you may run into scammers or people who give you insultingly low offers.
Here’s how to find a reputable investor to buy your house for the best price.
Finding a Texas Investor to Buy Your Home Without Getting Ripped Off
When you’re already going through a foreclosure, you need enough cash to pay the lender off completely.
Your options can be limited, but finding a reputable investor may save you from drastically ruining your credit. With the right offer, you can quickly get cash for your home and sell it in as-is condition without having to do any major repairs.
Without a doubt, the biggest problem you will face when looking for cash offers are lowballers. Don’t take the first offer that’s given to you. And avoid working with people who string you along, promising a sum of cash but not delivering.
Sheisty buyers may draw out the process in hopes you get more and more desperate. In the end, they may change their offers and leave you with no other choices.
If you’re looking for a reputable investor for your Texas home, call Jerred and see what he can offer you. He has a reputation for being an honest home buyer and leaves his clients satisfied.
Contact Jerred Buys Austin to get the help you need to sell your house fast.