Can You Sell Your House in Pre-Foreclosure?
When financial times are uncertain, many homeowners face economic hardships, and foreclosures are more common. If you’re worried about being able to pay your mortgage and the possibility of a foreclosure, you still have some options to avoid. When you find yourself in this situation, time isn’t on your side, so you need to act fast.
“Can I sell my house fast in Seattle before foreclosure?” is a question homeowners often make, and it’s one worth exploring before your foreclosure sale date. For a better understanding of how a pre-foreclosure sale works, let’s explain the fundamentals of foreclosure.
What Is a Foreclosure?
Foreclosure proceedings start after a homeowner default or fall behind on their mortgage payments. The owner forfeits all rights to the property to the mortgage holder and they sell it to satisfy the outstanding debt. What many homeowners don’t know is that if the foreclosure doesn’t cover the debt, the lender is legally able to sue for the difference.
Besides the probability of a lender coming after you legally, homeowners who’ve been foreclosed on also face financial difficulties associated with bad credit. Allowing a property to be foreclosed on could put you in a financial hole that takes years to dig out. It is one of the most negatively impactful financial experiences that you can undergo.
How Can You Avoid Foreclosure?
A homeowner that is behind on their mortgage payments and has not yet been formally foreclosed on is technically on pre-foreclosure. This occurs from the time an owner is notified of any late mortgage payments with associated penalties, to the moment the home is placed into foreclosure. At this stage, there are still a few things you can do.
If a homeowner finds themselves falling behind on their mortgage payments, they should talk to their lender first. You can try to negotiate a payment plan or ask for a loan modification or a special forbearance. This is a great option if you’ll be able to pay full mortgage payments thereafter. However, this is not always the case.
If these alternatives don’t apply to you, you can give back your home to a lender with a deed-in-lieu of foreclosure. This doesn’t impact your credit score that negatively, but it won’t save your home. This is why you should consider hosting a pre-foreclosure sale. A pre-foreclosure sale provides you with the opportunity to sell your home and satisfy your debt to the lender.
What You Need To Know About a Pre-Foreclosure Sale
A pre-foreclosure sale allows you to get more value out of your home to satisfy your debt. In this stage, you still legally own your property. The advantages of a pre-foreclosure sale include your ability to move forward with a clean slate and a less negative impact on your credit score. However, the traditional home selling process comes with many hassles, is labor and time-intensive, and may not prove possible for every homeowner.
With a pre-foreclosure sale, you go through the same level of stress as a traditional home sale. It involves costly repairs, hiring a real estate agent and facing regular walk-throughs from potential buyers, etc. This traditional process of selling a home can be invasive, costly, and untenable in some cases. The costs can often add up in ways you didn’t foresee.
Fortunately, one of the options available is working with a cash homebuyer service. The main advantage of selling your house to a cash buyer is that you don’t have to worry about spending money you don’t have on repairs, agent’s commissions, and unexpected fees. A home buying company will buy your house as-is and put cash on your hands when you need it.
Selling To Seattle Home Buyers – Your Best Bet
If you’re in the pre-foreclosure stage and you want to sell your house fast but don’t want to go through the hassle of the traditional selling process, contact the most reliable Seattle home buyers, I Will Buy House. We buy houses in Seattle in any location and condition – and for fair prices! We are dedicated to providing you with a pleasant and stress-free experience.
At I Will Buy House, we understand that life is unpredictable and things can get out of hand. That’s why we want to help you get out of this difficult situation you’re facing. We buy houses in Seattle and take off the burden of homeowners. If you keep searching “sell my house fast in Seattle”, look no further than I Will Buy House.
By selling your house to us, not only will you avoid foreclosure, but you will have cash in your hand within a week, without any kind of stress.