How to Sell a House Fast Before Foreclosure in Florida
There is perhaps no nightmare that haunts homeowners more than the idea of foreclosure. But sometimes, despite your best efforts, you fall behind on your mortgage payments and find yourself in a situation that feels desperate, heartbreaking, and inescapable. But don’t lose hope!
Just because you’ve found yourself staring into the harsh face of foreclosure does not mean you’re left without options. The process of foreclosure can be quite long, stretching anywhere from six months to a year, and significant amounts of negotiation and paperwork will need to take place between you and your lender before your foreclosure is complete.
Selling a Home in Foreclosure
You may think that your only choice at this point is to let the bank take possession of your home and accept the loss (not to mention the serious accompanying damage to your credit rating). But up until the moment the house is put up for public auction, you still have the freedom to sell it on your own terms.
Prior to the lender seizing the property or selling at auction, your home is actually considered to be in a state of “pre-foreclosure.” This marks a time when you have the chance to work with your lender on satisfying your debt. When considering selling your home, though, make sure to account for any penalties and fees you’ll owe on top of the back mortgage payments, so that you can calculate an asking price you know you will be able to pay in full.
If you communicate openly with your lender and let them know that you’re working to sell the home in order to pay them what you owe, they may even be willing to delay the foreclosure auction to give you ample time to find a buyer. However, the sooner you pull the trigger on deciding to sell, the better, as it will give you plenty of time to get your affairs in order. In addition, your lender will know early on that you’re serious about working towards remediation and repayment.
Easier for Everyone
In Florida, foreclosure is a judicial matter, so the lender has to go through the arduous process of filing a lawsuit in order to foreclose on a property. It’s a lot of hassle for a lender; in fact, you’d make their life a lot easier if you were simply able to pay them what you owe. Approaching things from this mindset may help you work out a timeline that avoids a big hit to your credit score while also saving your lender a lot of time and a major headache.
Going the traditional route for selling will, of course, entail bringing in a realtor and tacking on the associated costs (closing fees, commissions, etc.) that come with them. If the idea of trying to find and pay a realty company to help sell your house in foreclosure makes you anxious, then going with a direct cash buyer might be a good fit for you.
With a direct buyer, you can sell your home before foreclosure in Florida quickly and for cash. If you’re looking for a fast, convenient, and safe way to sell your foreclosed home and settle your debts with your lender so that you can move on with your life, contact The Buy Guys today. We’re ready to help you!
