When someone buys a house, they buy it with a lot of hopes and dreams etched in their minds. However, sometimes they get into rough tides and the inevitable happens. If you’re wondering “can I sell my house fast in Seattle if it’s in foreclosure?”, you’ve likely missed some months of mortgage payments or maybe already incurring the lender’s attorney fees for this.
Foreclosure is a long and heartbreaking process for a homeowner. Regardless of the stage, you’re in, it’s natural to feel paralyzed with disappointment, sadness, and panic when the overdue notices and warnings come from your mortgage company. However, ignoring these notices and hoping they just go away won’t fix the problem.
When a lender notifies you that your mortgage is in default and it’s going to foreclose, you may still be able to negotiate a deal to keep your house. If that’s not possible, there are a few options left: let the foreclosure proceed, declare bankruptcy, or attempt a short sale. A short sale is the best option in most cases since it allows you to pay off everything you owe the lender.
Mortgage companies typically begin foreclosure three to six months after your first missed mortgage payment. Selling a home in the pre-foreclosure period is better because you still have time to prep your home for sale, so it shows well and sells for the best possible price. However, if you’re already in the foreclosure process, you can still sell your home prior to the scheduled auction date.
If you decide to sell, tell your lender that you plan to list the property for sale with the intention of paying off the mortgage. Ask them to postpone a foreclosure auction and give you a chance to find a buyer. Also, make sure you ask the lender how long you have before the property will go on the auction block.
You have a few options when selling a foreclosed property:
Hiring a real estate agent can help you figure out how much your home is. A real estate agent can run a market analysis to help you determine how much money your home costs and if it would be enough to pay off the mortgage. They can also negotiate with lenders to reduce the amount they’ll take in the sale.
However, selling a home facing foreclosure is no different than a traditional home sale. How long it takes to sell depends on pricing and market conditions. The price you set for your house needs to be as close to the money owed in the mortgage as possible, plus the agent’s commission and other costs, which may not be possible in a weak market.
Hiring a real estate agent isn’t always the best option due to the reasons stated above. That’s why many people turn to short sales. In a short sale, you’re essentially asking the bank to let you sell your house for less than you owe on it. You’re also requesting that they forgive any loan amount that you still owe beyond the amount gained from the sale of the home.
Not all lenders agree to a short sale. You need to requalify with the bank to prove that you can no longer afford the house on your current income. Plus, they can take longer and end up being more expensive if you’re using an attorney. Luckily, there is one last option that can save you all the hassle and take you out of that difficult situation.
Cash home buyers are companies that buy houses as-is. They don’t mind if they’re foreclosed, damaged, in a bad location, or even suffered a fire – they are able to make you an all-cash offer and close the deal within a week. They also make fair offers for your property, so you will get enough money to pay off the mortgage.
It’s easy to get emotional when faced with selling a house you worked so hard to buy in the first place. However, sometimes things get out of hand and you need to act fast and smart. There are a few options when it comes to selling a foreclosed home, but when time isn’t on your side, the smartest move is selling to Seattle home buyers.
If you’re wondering, “how can I sell my house fast in Seattle?”, I Will Buy House is your answer. We buy houses in Seattle for cash at very reasonable prices. Our main goal is to help homeowners in difficult times and lend them a hand when they feel like everything is lost. We are the local’s trusted Seattle home buyers.
At I Will Buy House, we buy houses in Seattle since 2015. You won’t have to fix a single thing and forget about commissions and closing costs. We want to make the whole process easy and smooth, and you can expect nothing but transparency and kindness from us. Contact us, we’re ready to make you an offer today!