If you’re facing foreclosure, one of the options you can look into is selling your house. You’ll need to do this quickly, though, which can be rather challenging.
Selling your house that’s facing foreclosure is possible, and there are a number of ways you can do this.
But first…
What Is A Foreclosure?
A foreclosure is what happens when a homeowner fails to pay for their home loan or mortgage, causing it to default. When this happens, the lender will typically demand the homeowner to pay the entire amount of the loan instead of in installments. If the homeowner fails to pay for the remaining amount, the bank begins the process of repossession of the home where they will then sell the home to make up for the lost money.
During a foreclosure, the homeowner is evicted from their home, which adds to the already mounting stress they are facing. This is why it is best to avoid foreclosure as best as you can.
How Can I Sell My House Fast If It’s Facing Foreclosure In Lexington, KY?
There are certain strategies you can look into to avoid foreclosure, one of which is by selling the home. If you choose to go down this route, there are several ways you can do so.
Short sale
A short sale happens when your lender or the bank agrees to let you sell the home for a lower price. This lower price tag makes it more appealing to potential buyers and speeds up the selling process. While a short sale allows you to avoid having a foreclosure on your record and lets you move out on your own accord, you may end up losing whatever equity you may have built on your home. And because you still have an outstanding loan with the bank, chances are the bank will take most if not all of the sales proceeds, leaving you with nothing.
For Sale By Owner (FSBO)
Another option you can look into is selling the home yourself. With an FSBO, you get to avoid other costs associated with selling a home such as real estate agent fees and commission. This way, you can maximize your sales profit. FSBO is advantageous if you already have a buyer in mind but can take time if you’re still going to have to advertise it to the market. If you’re also not experienced in real estate, filing all the necessary paperwork (both before and after the sale) can be quite complicated.
Sell To A Professional Homebuyer
The third option you should consider if you want to sell your house fast due to foreclosure in Lexington, KY is to sell it to a professional home investor. Also known as cash homebuyers, these companies will often purchase homes in whatever condition they are in, including those in foreclosure. If you’re working against the clock, this may be your best option because it allows you to sell your home without needing to repair or renovate it. Cash homebuyers will buy homes as-is, where is. Furthermore, they will also be able to give you a fair cash offer in as little as 72 hours, speeding up the sales process.
Facing foreclosure can seem like a scary and anxiety-inducing situation, but don’t lose hope just yet. Carefully review your options before making a decision so you can make the best one for your situation.
NEED TO LEARN MORE?
If you live in Lexington, Kentucky, and are interested in selling your home, we can help here at Rylo Homes. We are a real estate solutions company that specializes in solving your real estate problems for you. We are cash homebuyers in Lexington, KY, and will act as your personal guide during your home selling process.
Our goal at Rylo Homes is to improve the overall quality of housing for the residents at Lexington, KY. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 317-8553 today.
