Surrendering your home to foreclosure is among the most significant legal and personal distresses you will ever experience in a lifetime. Hence, the question, how one can sell their house before foreclosure lingers in the minds of many homeowners who struggle with paying their mortgages. Luckily, however, anyone can sell their house before their home is auctioned in a sheriff’s sale by the mortgage granter if repaying a mortgage proves challenging. This article will give a thorough overview of alternatives that people in Atlanta can explore to sell their homes to save themselves from the sheer distress of foreclosure. Further, the article will answer a few frequently asked questions regarding the selling of homes.
Sell My House Foreclosure
Short sale
They are structuring a plan of action to sell a home before a foreclosure is essential to effectively save time which is of great essence in such a situation. In this regard, there are various alternatives that homeowners are at liberty to explore. Among these alternatives is a short sale, which implies somehow selling your house below the market value price. In a short sale, a homeowner must make a deal with the mortgage lender and agree that the lender will forgive any due loan balance.
To initiate a short sale:
- Start by writing a letter to the mortgage lender stating that you wish to elude foreclosure and sell your house.
- Explain that you get convinced that the best way to realize this objective is by a short sale.
- Enquire from the lender whether they accept a quick sale.
Most lenders prefer slight losses in a short sale to incurring high costs of initiating and going through the process of foreclosure.
Go on to request the lender to draw up a definitive agreement addressing the endorsed short sale.
The contract features a specified provision initiating the mandatory decreased selling price of the property in a short sale. Additionally, the warranty has a provision declaring that the revenue from the sale of the house will satisfy the borrower’s obligations under the loan conditions. As such, you as the borrower will be relieved of the responsibility for any deficiency.
After the contract has remained structured, you need to review it in detail. You may give thought to hiring an attorney to help you review the contact. Reaffirm that you clearly understand all the terms of the contract. After you have duly followed all the contract processes, place your house for sale in the market. The homeowner should sell the house at a reduced price as per the agreement with the lender. The property will sell sooner, courtesy of its cost being below the standard market value.
Cash buyers
Additionally, homeowners can sell their houses before foreclosure by reaching out to a cash buyer. Cash buyers buy a home as it is and can complete the whole process in a few as seven days. With a cash buyer, you can relieve yourself the hassle of the conventional time-consuming selling process, which involves seeking the services of a real estate valuer, and advertising to attract potential buyers.
When you engage a cash buyer, you do not need a real estate valuer agency. Once a cash buyer provides you with a cash offer, and you accept it, you can then close the deal at your convenience. The process gets made way more straightforward than any other way out because you control everything. Further, selling your home via a cash buyer to avoid a foreclosure saves you the additional burden of repairing or improving the house. There are cash buyer companies that purchase any place, which means as it is, they later invest in the home to make a profit.
Do I need a realtor to sell my house in Atlanta?
When you consider selling your house in Atlanta, having a realtor complete the process is not mandatory. As such, there is a wide variety of alternatives that are better and more effective. Listing without a realtor or an agent saves quite some time and money.
How can I sell my house without a realtor in Atlanta?
Many people wonder if it is practical to sell a house without a realtor. Lucky enough, selling a home without a realtor is possible. Tru buyers are one of the companies that will help you sell your home without a realtor anywhere in Georgia. They pay cash for any house, regardless of the condition. Tru buyers will save you the hassle of paperwork since they employ a quick and easy virtue process.
Further, selling your house without a realtor saves you the three percent hefty commission that realtors charge for their services. Additionally, selling a house by owner in Atlanta has been made easier by other ventures such as buyers.com that offer fair cash offers for homes in any condition. You can also get more information by reading from the wide range of Atlanta real estate blogs.
Conclusion
Indeed, the distress that could come with a foreclosure cannot get overstressed. Therefore, Evading a foreclosure is worth the try. Further, sometimes engaging any real estate middleman when selling a property could be tiring, time-consuming, and costly. However, it is good news that homeowners can sell their houses without go-betweens in the form of real estate agents or realtors. This way, anyone selling their home can save time, cash and also avoid the distress of paperwork since many cash buyers or alternatives to agents operate virtually. The reflection above has given a clear overview of how one can sell a home before foreclosure, majorly focusing on Atlanta, Georgia. However, suppose any of the techniques discussed above does not work out. In that case, homeowners can seek professional assistance from experts such as property attorneys or officials of the local authorities—all the best in your planning and selling. Good luck!
