Facing foreclosure can be a frightening moment in a person’s life. While foreclosure rates are down to about 3.6%, people are still losing their homes to the banks. There are an endless number of circumstances that may have caused your current situation – you lose a job, get a divorce, or are faced with the loss of a loved one. In any case, you often have plenty to worry about already and dealing with the banks is the last thing you want to do.
So what is the best way to avoid foreclosure while saving your credit and equity in your house? If you are thinking “Sell my house fast for cash” you are exactly right.
Sell Your House Fast
When you need to sell your house fast for cash in Portland, you have two main options. One course of action is listing your house with an agent. This means, repairs, inspections, open houses, commissions, and most importantly – time. While listing with an agent is a good option for some, most people that find themselves facing foreclosure don’t have the money or time for this route. Luckily, there is a second option. You can opt to work with a professional home buyer, guaranteeing you a sale date and sale price. These offers are usually slightly less than what houses on the MLS fetch, but remember that by working with a direct buyer, you won’t have to deal with repairs, commissions, and marketing costs. And often most importantly, you will be able to sell your house fast (in a matter of days) and walk away from the property with your equity and credit in tact.
If you do opt to list your house in Portland, just remember to think about these factors. If your house doesn’t sell right away, the banks may be able to get to it before you have found a buyer. It is important to price the house to sell and make it as appealing as possible in your photos as not to be overlooked by potential buyers. You’ll want to find a buyer who will be able to close on the house right away (preferably with cash) as any delay could cost you the deal and the house. There are agents who specialize in foreclosure sales – if this is what you choose to do, it is best to work with a professional who knows exactly how the process works and knows the constraints you are working under.
Plan ahead for your next living situation
When you decide to sell to a direct buyer such as PDX Home Buyers, we will provide a cash offer and be ready to close in only a matter of days. That means you’ll need to get ready to move as well! If going this route, it would not be uncommon to get an offer this week and close next week. We always put you, the homeowner first and can work around your schedule. That being said, it helps to start thinking about out your moving logistics, costs, and where you plan to go. Decluttering is a great place to start. Throw things away that need to get tossed and consider selling some unused items to help with the sale. You could even opt to have a yard sale to help pay for moving costs and get rid of some things you’ve accumulated over the years.
Of course knowing where you are going next is important as well. Purchasing a new home may or may not be an option, plus it is unlikely you would be able to close on a new house as quickly as you sold yours. That said, you may choose to rent if you sell your house to avoid foreclosure. You will need to be able to pass a credit check and come up with first, last, and security. If it comes down to it, ask family or friends to stay with them until you are able to find new housing. A sale to a direct buyer can happen very quickly. If you are dealing with cleaning, packing, and moving, you may not have the time to find the perfect place. Instead of rushing into a place that isn’t right for you, instead, try to stay with someone you know – for only a short time of course. Check around in your community as well. There are often programs to help struggling homeowners get back on their feet.
Once the bank starts the foreclosure process, it may already be too late to save your home. Your credit will be impacted, making it harder to purchase another home down the road. It can take a lot of work to build your credit back up so if you feel you are at risk of losing your home, it is best to be proactive about it as opposed to waiting. It simply isn’t worth the damage that can be done to your financial future. By getting a direct, no-obligation offer from PDX Home Buyers, you will be able to run the numbers and ensure you don’t lose your property to the bank.