Foreclosure is more common than you might think. In fact, it’s estimated that one out of every 200 homes will be foreclosed upon. But despite the prevalence of this issue, many people don’t know anything about foreclosures. This is because, unfairly, the problem is treated with a degree of shame by society. People don’t like to talk about their experience with home foreclosures. Nonetheless, they should. The more that you know about foreclosures, the easier it will be for you to make decisions regarding how to deal with a foreclosure.
After you’ve received your notice regarding foreclosure, your initial impulse may be to fight the foreclosure rather than looking into how to sell your home fast. But the reality is that there are a lot of pros to selling a home fast in comparison to fighting a foreclosure. Keep in mind that undergoing a foreclosure can have long term consequences for your credit score. The point is not necessarily for you to keep your home, but to avoid a foreclosure. As many lenders do allow homeowners extensions before auctions so that they can sell their homes, this is something you should consider as opposed to fighting a foreclosure.
Why Shouldn’t I Fight a Foreclosure?
There are a lot of reasons why you shouldn’t fight a foreclosure. Money is perhaps the chief concern for most people. When fighting a foreclosure, you’ll need to get in touch with a high-quality foreclosure attorney immediately. They can help determine whether or not you even have a chance of fighting the foreclosure, first and foremost. But attorneys are expensive. Some of them will charge you per hour. On top of this, you may end up needing to go to court, at which point you’ll be at risk of paying court fees.
You also need a valid reason to fight your foreclosure. The law will likely be on the lender’s side, and if you haven’t made payments, it can be difficult to prove that your foreclosure was unjust. When you fight a foreclosure, you may be ultimately hoping to get the chance to sell your home or remain there. As previously mentioned, many lenders will negotiate with you in this manner without a lawyer’s interference.
Keep in mind that there will likely be two possible outcomes. You may lose your case, at which point you would still have your home foreclosed upon, damaging your credit score. You would also need to pay your lawyers’ fees as well as possible court fees, leaving you financially worse off than you were before. Otherwise, you will be left with a home that you still can’t afford. This is why it’s often a better idea for you to request a delay on the auction in order to sell your home fast.
What Happens If I Decide to Sell My House Fast?
What happens if you decide to sell your house fast as opposed to fighting your foreclosure? Once you have received approval from your lender to sell your home, you should focus on the task at hand. The goal is to sell your home fast and gain the highest payment possible. You may need to accept taking a loss on your home, particularly if your home is in need of major upgrades. The money that you do collect will go towards settling your debts with your lender and any excess should go towards moving.
Rather than focusing on a high payment, you should focus on selling your home as quickly as possible and minimizing the costs associated with selling and moving. This means that you should work without a real estate agent, as they make a commission on the sale of your home. Furthermore, you should sell your home for cash.
Those who offer cash for homes usually allow you to sell your house as-is. This means that you don’t need to invest any time or money into repairs. Furthermore, their payments are ready to go in cash. Therefore, you don’t need to wait long before the sale goes through. This is the ideal scenario if you’re trying to sell your home fast and avoid foreclosure.
You don’t need to accept a foreclosure. Selling your home may mean losing it, but through this method, you can avoid the damage done to your credit score. Furthermore, you can move on to your new home and start fresh.