Selling your home for cash do to bankruptcy
The house you live in is your most treasured asset especially if its’ value is greater than the debts you owe. Once you declare yourself bankrupt, your house along with all other belongings would form a part of the bankruptcy case. Though your creditors will not be able to foreclose your property since its’ guarded under bankruptcy protection, you won’t either be able to sell off your property without express permission from the court. However, under Chapter 7 Bankruptcy it is stated that the trustee is allowed to seize some of the assets and use the money from the sale to pay back the debts. The trustee is allowed to sell the non-exempt assets and the home of the debtor usually qualifies for exemption though it implies that the creditors are not going to be get the full payments.
Selling your home after bankruptcy
After bankruptcy the creditor can go for foreclosure proceedings only if you are lagging behind on your mortgage payments. However, under such circumstances you would be allowed to sell your house regardless of your mortgage status. This is because you can use the money from the sale to pay off your mortgage and even keep some money for yourself. In case you are not able to find a home buyer who is ready to pay the amount needed to clear the mortgage, then the creditor would arrange for a short sale to a cash buyer. When you go for a short sale, you will not be getting the market value of your property, though on the upside, you will get to close the sale within one or two weeks.
Advantages of Selling Your Home to a Cash Buyer
When you are in a bankrupt state the easiest thing to do to pay off your debts is selling your house for cash. When you choose the best cash home buyer in your locality you can always expect to get a fair offer for your property. The proceeds from the sale can be used by the homeowner to pay off the debts and even keep a profit. If you are in a rush to close the sale then conventional real estate agents are not going to work for you. When you try to sell your property through a realtor, you might not be able to find the right buyer who agrees to pay required sum to pay off the debts. Moreover selling a house through a realtor is an extremely time taking process and you’d take at least a few months’ time to get the money in hand. Even when you find a buyer, the person might take some time to qualify for the bank loan. So, if you are looking forward to a prompt sale of your home then make sure to sell it for cash to your local cash home buyers. They would visit your property, determine its value and make a no obligation cash offer. Once you agree to their offer they would start all the paperwork and close the sale within just a week or two.
Selling your home after bankruptcy
After bankruptcy the creditor can go for foreclosure proceedings only if you are lagging behind on your mortgage payments. However, under such circumstances you would be allowed to sell your house regardless of your mortgage status. This is because you can use the money from the sale to pay off your mortgage and even keep some money for yourself. In case you are not able to find a home buyer who is ready to pay the amount needed to clear the mortgage, then the creditor would arrange for a short sale to a cash buyer. When you go for a short sale, you will not be getting the market value of your property, though on the upside, you will get to close the sale within one or two weeks.
Advantages of Selling Your Home to a Cash Buyer
When you are in a bankrupt state the easiest thing to do to pay off your debts is selling your house for cash. When you choose the best cash home buyer in your locality you can always expect to get a fair offer for your property. The proceeds from the sale can be used by the homeowner to pay off the debts and even keep a profit. If you are in a rush to close the sale then conventional real estate agents are not going to work for you. When you try to sell your property through a realtor, you might not be able to find the right buyer who agrees to pay required sum to pay off the debts. Moreover selling a house through a realtor is an extremely time taking process and you’d take at least a few months’ time to get the money in hand. Even when you find a buyer, the person might take some time to qualify for the bank loan. So, if you are looking forward to a prompt sale of your home then make sure to sell it for cash to your local cash home buyers. They would visit your property, determine its value and make a no obligation cash offer. Once you agree to their offer they would start all the paperwork and close the sale within just a week or two.