Best Tips For Selling Your Home During The Holidays
Selling your home during the holidays can seem daunting, a move most people would feel disinclined to make. However, standard
Josh Miller
December 6, 2022
It is not too late to sell your house and avoid foreclosure. Get a free, no-hassle offer today!
No Fees. No Commissions.
Fast closing.
Fill the form. Get your offer.
Our buyers will buy a home in any situation, including foreclosure. Sell fast and without additional fees.
The foreclosure process is long, stressful and costly, and has serious consequences, including a bad credit score, penalty / legal fees, and difficulty securing another mortgage or even buying another house for a period of 7 years.
We have seen foreclosure properties in every condition, some with additional challenges, but our buyers will buy with cash, and even handle the paperwork and interface with lenders and lender attorneys, and you can close in 14 days or less.
The short answer is YES! You can sell your home prior to your scheduled auction date.
The foreclosure process varies by state and mortgage lender, but according to HUD, it typically begins after 3 to 6 months of missed payments. You know you are in pre-foreclosure when you receive a Demand or Notice to Accelerate letter from your mortgage company. The request seems simple, bring your mortgage loan balance current in the next 30 days. However, if you are facing pre-foreclosure it is likely because you can not make a payment potentially due to life circumstances.
It can be 2 to 3 months till the auction date for your house. The best time to sell is when your house is still in pre-foreclosure. The closest it gets to the scheduled auction date the harder it will be to find a buyer who can purchase within the timeframe.
"We are currently in a Seller’s Market, so almost every homeowner has equity. Don’t just give it to the bank! Denial is your enemy. The sooner you sell your home the more money you can get and lessen the impact of having been in pre-foreclosure. Don’t wait. Act now.”
SolidOffers has investor buyers who specialize in purchasing properties from homeowners under financial hardship, trying to stop foreclosure, or about to file bankruptcy. They can negotiate with the lender, pay off what you owe, so you can walk away with profit and without having foreclosed house as part of your credit history for the next 7 years.
In California, the Homeowner’s Bill of Rights states that if there is a legitimate offer and we can prove it to the bank, the mortgage company cannot foreclosure. We have managed to help countless homeowners days away from the auction because of this, and we take care of the legal conversations. However, I always recommend not letting it get to this point.
We help homeowners who feel stuck in foreclosure and want to offload their problem property.
How you sell your house while in foreclosure matters because you are short on time. You need to sell fast, and your proceeds will go to your mortgage lender to pay off your debt, so you can walk away without any more problems or stressors.
A house in pre-foreclosure is in the early stages of repossession. Pre-foreclosure typically starts after three months of no mortgage payments, when the lender sends you the Foreclosure Notice to Accelerate to pay up in 30 days. If you do not pay, then foreclosure begins.
30 days is not enough time to find a traditional homebuyer. It takes 30 to 45 days alone for a buyer to go through the home loan process, and by then you’re in foreclosure. You also run the risk of the buyer failing loan approval or backing out on the sale, wasting your limited time. Your best option is to short sale or accept a cash offer from an investor.
Forbearance is an agreement reached between you and your lender, delaying foreclosure. For a few months, you’ll either pay interest-only payments or smaller payments, or there’ll be a temporary pause on all payments. Do not be mistaken: the mortgage debt is NOT forgiven but is eventually due.
You can sell your home while in forbearance, and save yourself the trouble that comes with foreclosure.
A short sale is when your lender approves of you selling your house for less than what is owed on your mortgage and other debts secured by liens against your property. Many homeowners who are facing foreclosure and financial trouble prefer short sales because they void serious damage to their credit history, and potential buyers are hard to find, even in a hot market.
The credit impact of a short less can be recovered within three to seven years. And the short seller can usually apply for a new mortgage within 2 years, unlike a homeowner of a foreclosed home who needs to wait 7 years.
The lender does not actually want to repossess your home because that is an extra burden on them, and chances are slim that they’ll recover the full mortgage amount in a foreclosure sale. If you inform your mortgage lender of your intent to sell your home, they may postpone foreclosure, giving you more time to find a potential buyer.
You have the right to sell your house while in pre-foreclosure or foreclosure. Your lender cannot (and likely will not) oppose the sale, but they should be kept in the loop on sale progress.
Our cash buyers have the experience and expertise to talk with your lender and their attorneys to negotiate terms of sale. They’ll also take care of the paperwork, making the transition of sale easier and less of a hassle for you.
Doing nothing is the worst thing you can do if you’re facing foreclosure. A foreclosed property comes with serious consequences:
— Eviction from your home
— Credit score can drop 100+ points
— “Foreclosure” stays on the credit report for at least 7 years
— Owe a deficiency balance
— Lose job opportunities that require credit verification
— Forfeit ability to get a Fannie Mae mortgage for at least 7 years
— Loss of leasing options and high-security deposits
— High-security deposits for utilities
— Higher interest rates when asking for loans, e.g. auto loan, personal loan
You can seek legal advice to better understand your options, but unless you can pay what you own, the best thing you can do is sell before the scheduled foreclosure auction and use the sale proceeds to cover your outstanding home loan balance, plus interest and incurred fees, unless you and your lender agree on a short sale.
Our investor buyers pay cash, so there’s no lengthy mortgage approval. They forgo traditional sale warranties, an appraisal, and an inspection. Depending on how long negotiations with your lender take, our buyers can close in 14 days or less. Oftentimes, the investors are able to negotiate an extension, giving you time to move and make final arrangements.
No. You can sell your house “as-is” for a cash offer to one of our investors. Our buyers purchase damaged, old, and outdated properties all the time, BUT they subtract repair costs from their offer, since they will invest and make improvements themselves post sale.
There are no fees attached to the sale on our end. You do not pay a commission when we connect you with an investor. Also, our buyers cover closing costs and additional sale fees. The only fee you may be concerned with are lender attorney fees for your delinquency.
There is a high risk when selling with a realtor because you have a strict timeframe to sell, and you can’t afford delays or anything to go wrong.
There are limited realtors with the experience and expertise to navigate this sensitive situation. They have to be real estate brokers who can find a qualified buyer fast and negotiate terms so you close before your time is up. Real estate agents also charge a commission of 3% to 6%, so you lose more money, money you may not be able to spare, since you need to pay the lender plus lender attorney first.
In fact, we have worked with some low-equity homeowners who had nearly no profit because they had to sell fast but they were tied to a real estate agent agreement and ended up having to pay the agent the 3% even though at the end the owner sold to an investor.
Investors often offer 70% of the market value AFTER repair costs. If your property is in good condition and in a great location, their offer may be 2% to 3% less than the market value, which is still very good compared to a sale with a real estate agent, since they are paid a 3% to 6% commission.
If you and the investor negotiate a short sale with your mortgage lender, then you can accept a cash offer that is less than what you owe on your property loan, and everyone is happy.
If you cannot pay off what you owe, avoid the consequences and save your credit report and chances of buying another house. You can do this by selling fast for a cash offer.
Selling your home during the holidays can seem daunting, a move most people would feel disinclined to make. However, standard
Find out why more and more sellers are going the cash route and reasons to sell your house for cash.
Invoke the powers of the late St. Joseph to help sell your house fast. It comes as a shock to