Do You Need to Sell a House to Prevent Foreclosure? Alberta Buyers will buy it.
When faced with a choices of losing money by selling your house versus foreclosure, where the home is taken from you, you have to carefully consider the outcome when you need to sell a house. As a loyal ship’s captain, you might be wiling to go down with the ship. As a homeowner who is underwater with too high a loan-to-value ratio or unable to come up with the house note each month, can you say the same?
Whether you are proactive and sell or wait for the foreclosure, you will no longer have your current home. This can be painful, especially if you worked many years to buy it and then lose it for reasons outside your control. But “home” is more than four walls, so you can create a loving home for your family elsewhere and then one day become an owner again.
If you wait for foreclosure, you will endure months of harassing mail and a decimated credit score. You may be “allowed” to stay in the house until things are finalized, but you pay a big price for a few months of “free rent.” Maybe you stay because you hope circumstance will turn around, but this is long shot.
Your other choice is to sell your home at a loss, either through a short sale or by selling to a home buying company. The short sale route can alleviate your mortgage debt, especially if the lender agrees not to pursue the shortfall you owe. According to some analysts, your credit report takes a hit equal to foreclosure – but not everyone agrees with that. Most likely, you will be able to buy another one more quickly after a short sale if you get your credit back on track and have the proper down-payment. In a short sale you live in the house until closing just as in a regular sale.
If you are unable to make the payment while you are waiting for the house to sell, you still risk foreclosure. In addition, if your finances are shaky, you may not be able to recover quickly once the sale goes through. This is why, when you need to sell a house, selling to a company that buys houses is a solution that beats either short sale or foreclosure when you must sell. Short sales and foreclosure take time. Reputable home buying companies can buy your home within a short time-frame (usually about a week) and pay off the loan.
Don’t go down with the ship. When you need to sell a house, using a company in business to buy them can save time and money in real estate fees, mortgage payments, and repair costs. You will come out ahead by taking the proactive step of working with a home buying specialist.
Would you rather sell your home at a loss now or endure foreclosure in hopes of saving it?