Many homeowners who have been affected by the COVID pandemic are finding it hard to keep up with their monthly mortgage payments. If you’ve received a notice of default from your lender, it means that the foreclosure process isn’t too far off. You could try to work out an arrangement with your lender, but if you don’t have the funds to catch up on payments, you may want to consider selling the home to a cash house buyer while you are still in the pre-foreclosure stage.
There are several reasons for wanting to sell your home quickly while in the pre-foreclosure process. Each time you make a late payment, it has a negative impact on your credit score. A foreclosure listed against your credit report has an even more detrimental effect that could last for years to come, making it hard to purchase another home. Having a lender repossess the home also means you will lose any home equity you have built up.
Selling Your Home While in Pre-Foreclosure
It can be difficult to sell a home that is in pre-foreclosure, with most realtors not wanting to take it on. There’s also the matter of how much time it can take to sell a home the traditional way, time that you may not have. This is why choosing to sell to a cash house buyer is a better option. A cash house buyer gives you a more flexible and faster way to sell your home. They are willing to buy your home as it is, even if it needs repairs. Because they use their own funding, they can buy your home in as quickly as 7 days, there is less hassle with paperwork, worrying about a sale falling through at the last minute, and fewer fees than you would pay using a realtor to sell your home.
There are many reasons that homeowners who are in pre-foreclosure come to cash house buyers like ourselves:
- Buying a home for cash means there is no waiting around for a buyer to get their loan approved.
- In some cases, your mortgage repayments can be caught up, which stops the process of foreclosure and saves your credit score from the negative impact a foreclosure can have.
- Cash house buyers have the flexibility to work with your schedule, often being able to close the sale of the home in 1 week.
- If your home needs repairs that you can’t afford, a cash house buyer is willing to buy the home and take on those repairs themselves.
- A cash house buyer can help you move through the process of a pre-foreclosure and take care of the paperwork involved.
- Using a cash house buyers means you won’t lose out on your home equity.
The foreclosure process can be a stressful time for many homeowners. Choosing to sell your home quickly using a cash house buyer can help alleviate that stress and uncertainty. This is why it’s important to take action while still in pre-foreclosure.
If you are facing pre-foreclosure, give our cash house buyer team a call today. We can give you a free, fast offer with no obligation, regardless of the condition of the home.