Foreclosure is a long and emotional process for a homeowner, but it’s not hopeless. Selling a foreclosed home is an option many homeowners who have defaulted on their loan don’t know much about. When looking for a solution to defaulting on their mortgage payments, many homeowners wonder “can I sell my house fast in Seattle even if it’s in foreclosure?” The answer is yes.
Home will be foreclosed upon when a mortgage lender exercises its right to sell a property that the owner hasn’t kept up payments upon. The lender gives the homeowner some time to make payments or other arrangements before selling the property. Up until the home is sold at auction, you can rescue your home by selling it and paying the lender everything you owe, including back payments.
Foreclosure is generally a slow process. If you make one payment day or a week late, you’re probably not facing evictions. However, you may face late fees in 10 to 15 days. The foreclosure process itself varies from lender to lender and laws are different in each state. The entire process could take several months at a minimum.
If you’re unable to prevent foreclosure, the property will be made available to the highest bidder at an auction. If nobody else buys the home, ownership goes to the lender. At that point, if you’re still in the house, you face the possibility of eviction. A foreclosure also is expensive because the lender may charge late fees and you need to pay legal fees for fighting it.
The best option when dealing with foreclosed properties is selling them. You avoid the expenses of the whole foreclosing process and hurting your credit scores. If you’re simply ready to move on but want to at least try to minimize the damage, you can talk to your lender about your wanting to sell the house to pay off the mortgage.
You have a few options when selling a foreclosed property: a short sale, selling it the traditional way with a real estate agent or selling to a home buying company. But, how long do each of these options take to sell your house?
When dealing with a foreclosure, the best thing to do is to sell your property: it doesn’t ruin your credit, makes you able to pay off your mortgage, and, if you can sell for a higher price than your loan, even keep some cash. However, when you’re in this situation, you don’t have the time nor the energy to deal with a traditional house sale.
This is why selling your home to Seattle home buyers is your best option. 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 in any condition and fast. Forget about the hassle and uncertainty of selling your house the traditional way, especially if you’re dealing with a foreclosure. We’ll buy your house for a fair cash price in as little as 7 days.
At I Will Buy House, we buy houses in Seattle and make the deal a win-win for both parties. We’re dedicated to helping homeowners in difficult times. Since 2015, we are the locals’ trusted Seattle home buyers!