What is Pre-foreclosure?
A pre- foreclosure can be defined as a property which comes with late mortgage payments, for which the lender issues a default notice or a lis pendens to the borrower. The borrower or the property owner still have the option of making payments so as to pay the entire loan amount and prevent the foreclosure. However, if timely payments are not made then the lender can choose to foreclose the property. The owner of a pre-foreclosure property is in a tight spot since s/he is in imminent danger of losing the house because of foreclosure. If the due payments are not made in time then the house would be listed as delinquent and it would soon pass on to the custody of the lender.
Problems faced by a pre-foreclosure home owner
Since the loan on a pre-foreclosure home is in default, it gets recorded in public records. The pre-foreclosure process typically lasts from ninety days to ten months or more and could end in a trustee sale or public auction. In such a situation, the homeowner needs to sell off their property to avoid foreclosure or else s/he loses control of the property. A pre-foreclosure deal is usually concluded between the buyer and the seller though the lender is required to approve of the buyer’s offer.
How a cash buyer can help you before the foreclosure of your property?
All the three involved parties- the seller, the lender and the buyer can immensely benefit from a pre-foreclosure deal. As a property owner you would be able to get rid of your unaffordable house without suffering from the damage of a foreclosure. The home-owner can sell off the property real quick when they choose to work with a trustworthy cash home buyer. They can choose the closing date and get the much needed money in their account within as less as one or two weeks. The buyer on the other hand gets to obtain the property at a value which is less than the market value of the house. The lender benefits when the loan is passed on to a buyer who is more economically stable. The cash buyer has the potential to purchase a pre-foreclosure house at a price which is a little lower than its market value, repair it and then resell the property for a profit.
Why sell a pre-foreclosure property?
When you are falling behind on your mortgage payments and your property is in the risk of facing a foreclosure then you need to consider selling it off for quick cash. In such a financially tight situation the first thing you need is sufficient money in your account. The cash home buyers are going to make you the best offer for your pre-foreclosure property and if you accept the offer then they would be ready to buy it within just a few weeks’ time. One of the best advantages of selling your home to a cash buyer is that you would get to choose the closing date of the sale. If you are in a rush to lay your hands on the much needed money then the cash buyer can even close the sell within as less as one or two weeks.
Problems faced by a pre-foreclosure home owner
Since the loan on a pre-foreclosure home is in default, it gets recorded in public records. The pre-foreclosure process typically lasts from ninety days to ten months or more and could end in a trustee sale or public auction. In such a situation, the homeowner needs to sell off their property to avoid foreclosure or else s/he loses control of the property. A pre-foreclosure deal is usually concluded between the buyer and the seller though the lender is required to approve of the buyer’s offer.
How a cash buyer can help you before the foreclosure of your property?
All the three involved parties- the seller, the lender and the buyer can immensely benefit from a pre-foreclosure deal. As a property owner you would be able to get rid of your unaffordable house without suffering from the damage of a foreclosure. The home-owner can sell off the property real quick when they choose to work with a trustworthy cash home buyer. They can choose the closing date and get the much needed money in their account within as less as one or two weeks. The buyer on the other hand gets to obtain the property at a value which is less than the market value of the house. The lender benefits when the loan is passed on to a buyer who is more economically stable. The cash buyer has the potential to purchase a pre-foreclosure house at a price which is a little lower than its market value, repair it and then resell the property for a profit.
Why sell a pre-foreclosure property?
When you are falling behind on your mortgage payments and your property is in the risk of facing a foreclosure then you need to consider selling it off for quick cash. In such a financially tight situation the first thing you need is sufficient money in your account. The cash home buyers are going to make you the best offer for your pre-foreclosure property and if you accept the offer then they would be ready to buy it within just a few weeks’ time. One of the best advantages of selling your home to a cash buyer is that you would get to choose the closing date of the sale. If you are in a rush to lay your hands on the much needed money then the cash buyer can even close the sell within as less as one or two weeks.