Foreclosure
What Is Foreclosure?
A foreclosed property is one in which the property passes on to the possession of the bank or the lender because of the inability of the homeowner to make timely mortgage loan payments. Once the foreclosure process is complete the homes would be put up for sale by the banks which generally lists the property in the local Multiple Listing Service.
The process of foreclosure involves 3 stages-
Pre-foreclosure- In this stage a notice of default is filed by the lender stating that the homeowner is falling behind on mortgage payments. During this stage the homeowner still has 2-3 months’ time in hand to refinance the mortgage loan. In case the homeowner is not in a position to repay the loan then s/he should consider selling the property to a cash buyer as a short sale.
Auction- When the homeowner is unable to pay the mortgage loan or hasn’t yet opted for a short sale during the pre-foreclosure period, the bank would schedule an auction for selling the home in an ‘as-is’ state. In case the homeowner manages to pay back the due amount then the auction would be cancelled.
Bank Owned- When the property doesn’t sell at an auction, its lien holders are paid off with mortgage insurance or they might suffer a loss on their investment. The bank gets to become the owner of the house and they are usually known to list the home in the local MLS.
Why you need to sell off your house before foreclosure?
Ideally the homeowner needs to get rid of their property before it is foreclosed. Once foreclosed the owner loses all rights over their property and it passes on to the hand of the lender or the bank. This is precisely why the homeowner needs to sell off their unaffordable property without risking losing it. Though the market value of the pre-foreclosure property is going to be lesser than its real market value, yet most homeowners opt to sell it since they get to lay their hands on the much needed money. A cash home buyer is more than willing to buy off your pre-foreclosure home in its intact state at a fair offer. You don’t have to spend on getting your property repaired since cash home buyers are willing to buy your house ‘as-is’. As the owner of the property, you will get to select the closing date of the sale and receive the cash within a few days’ time.
Selling a property facing foreclosure through a real estate agent can be a real pain. Conventional real estate channels take at least a couple of months to close the sale and deposit the money in your account. If you are really hard pressed for the cash then all you need to do is contact a cash home buyer in your city and sell your house for cash within less than 2 weeks. They are going to come up with a superb offer on your unaffordable house and once the offer has been accepted by you, they would provide you with the money in one or two weeks.
The process of foreclosure involves 3 stages-
Pre-foreclosure- In this stage a notice of default is filed by the lender stating that the homeowner is falling behind on mortgage payments. During this stage the homeowner still has 2-3 months’ time in hand to refinance the mortgage loan. In case the homeowner is not in a position to repay the loan then s/he should consider selling the property to a cash buyer as a short sale.
Auction- When the homeowner is unable to pay the mortgage loan or hasn’t yet opted for a short sale during the pre-foreclosure period, the bank would schedule an auction for selling the home in an ‘as-is’ state. In case the homeowner manages to pay back the due amount then the auction would be cancelled.
Bank Owned- When the property doesn’t sell at an auction, its lien holders are paid off with mortgage insurance or they might suffer a loss on their investment. The bank gets to become the owner of the house and they are usually known to list the home in the local MLS.
Why you need to sell off your house before foreclosure?
Ideally the homeowner needs to get rid of their property before it is foreclosed. Once foreclosed the owner loses all rights over their property and it passes on to the hand of the lender or the bank. This is precisely why the homeowner needs to sell off their unaffordable property without risking losing it. Though the market value of the pre-foreclosure property is going to be lesser than its real market value, yet most homeowners opt to sell it since they get to lay their hands on the much needed money. A cash home buyer is more than willing to buy off your pre-foreclosure home in its intact state at a fair offer. You don’t have to spend on getting your property repaired since cash home buyers are willing to buy your house ‘as-is’. As the owner of the property, you will get to select the closing date of the sale and receive the cash within a few days’ time.
Selling a property facing foreclosure through a real estate agent can be a real pain. Conventional real estate channels take at least a couple of months to close the sale and deposit the money in your account. If you are really hard pressed for the cash then all you need to do is contact a cash home buyer in your city and sell your house for cash within less than 2 weeks. They are going to come up with a superb offer on your unaffordable house and once the offer has been accepted by you, they would provide you with the money in one or two weeks.