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When homeowners are facing foreclosure on their home, they often ask themselves "How can I avoid the auction sale?" and "can foreclosure be reversed?" There are a few options you can explore, but one easy option is to sell your house to a cash buyer.
These companies purchase homes in as-is condition and will close quickly. This article discusses what you need to know about this alternative and how it's different from other options like refinancing or short sales.
1. Why is my home being foreclosed on in Greenville, SC?
Foreclosure is a legal process that happens when the homeowner fails to make payments on their home loan or other debts. The lender can then sell the house at auction as-is and use those funds to pay off what you owe them, including interest, late fees, and attorney's fees.
In order for the foreclosure process to be started against your property, the lender must first send you a notice of default. Then they can file a lawsuit with the court against your home and request that it goes to foreclosure auction as-is.
This is different from other options homeowners face like short sales, where there's often more time for an alternative resolution or refinancing, which allows them to stay in their homes longer with affordable payment.
If you are facing foreclosure proceedings, here's what will typically happen: After the notice of default is sent to you, a lawsuit against your home can be filed by the lender, and then it goes to court. Your house may still have time before it gets auctioned off at this point if other solutions can be found.
2. What are the different ways to sell a house in foreclosure process?
Sell Your Home By Yourself.
There are a few different ways to sell the house during foreclosure, but it is important to know that they will all require some time and effort from you. You can try selling your home yourself by putting signs in the yard with contact information on them as well as advertising online through places like Craigslist or Zillow. This option does not always work out as there is no guarantee you will find a buyer and the process can take months.
Hire an Agent For a Short Sale
Another option to consider when trying to sell your house during a foreclosure is hiring an agent who specializes in short sales. A short sale occurs when the bank agrees to accept less than what's owed on your mortgage, allowing homeowners like yourself to avoid foreclosure altogether. This option can be beneficial for homeowners because it does not show up on their credit reports as a foreclosure if the bank accepts less than what is owed.
Sell To A Cash Buyer For A Quick Solution
One final, great option to consider when trying to sell your house during a foreclosure is getting help from an investor who purchases homes in distress, also known as "cash buyers." These investors are interested in purchasing homes that are in foreclosure because they can buy the property at a discount.
These types of buyers are usually willing to pay cash for your home which means you do not have to worry about paying closing costs, commissions, or waiting on bank approval.
These are all options that homeowners should consider when trying to sell their homes during foreclosure but it is important to choose carefully.
3. What are some of the benefits of selling to a cash buyer in Greenville, SC?
There are many benefits to selling your home quickly to a cash buyer.
No Annoying Bank Approvals Or Pesky Closing Costs
One benefit is that you do not have to worry about waiting for bank approval or paying closing costs on the sale of your house. Which means more money in your pocket with less hassle compared to selling through a bank.
Quick To Close
If you need to move quickly, selling your home to an investor can be beneficial as they are willing to close on the sale of the property within seven days and pay cash for it.
Doesn't Matter How Messy The Situation Is
Another benefit of selling your home during a foreclosure is that these types of buyers do not care how much money you owe or if there's a lien on your property as long as it does not affect their ability to close quickly.
These types of investors can also purchase homes that have been vandalized, damaged by natural disasters, or have a serious need for repairs so if your home is in poor condition, selling to an investor can still be beneficial.
Can Still Sell To A Cash Buyer Even If You Stop The Foreclosure Process
In very rare cases where the foreclosure process has been stopped or reversed and you no longer owe anything on the house, some investors may even consider purchasing it from you directly. In this case, homeowners will not have to deal with the bank but can still receive cash for their homes.
4. How do I find cash buyers for my home?
Step 1: Find a company that buys houses.
There are a lot of companies these days that will buy houses from cash, so Google "buy houses" and filter your search to include only companies that offer to purchase homes for cash.
At Target Property Solutions we help homeowners in foreclosure by offering a cash for houses solution. We help homeowners avoid foreclosure by buying their homes quickly, usually in less than a week. We can buy your home in as-is condition or you can do some of the work to get it ready for sale before we take ownership and close on your property.
Step 2: Fill out the form.
The company you found should have a page on their website with a form for submitting your information and property location. Fill it out with the property address and any other relevant information, upload photos of the house if possible, and hit submit at the bottom of the form.
If you'd like to use Target Property Solutions as your cash buyer, you can give us a call at (864) 335-4642 or go here to fill out the form for your cash offer.
Step 3: Get in contact with them to close the deal.
If they want to buy your house, they'll contact you about negotiating a sale price and closing paperwork. Once you agree on a price and they have you sign the paperwork, cash in your hand will be transferred to you at closing.
5. Final thoughts on "can foreclosure be reversed."
If you find yourself in a position where foreclosure is inevitable, it may be time to consider selling your house. To learn more about how this process works and what your options are, contact an expert at Target Property Solutions today.
We’ve been helping homeowners with bad credit or no equity avoid foreclosure for years by providing them a solution that gets their homes sold quickly without any of the hassles typically associated with traditional real estate transactions.
If our team can help answer any lingering questions before you make up your mind about whether we can do anything to help you out, please feel free to call us now! (864) 335-4642