There are two major differences when it comes to selling a home in foreclosure as opposed to just making an ordinary sale.
The first thing is that time is of the essence.
Once the sheriff here in Miami or Homestead Florida sells the house at auction, it’s over.
You must not waste time if you want to sell it yourself and maybe salvage something out of the transaction.
The next thing to know is that banks don’t like messing with foreclosed properties at all.
They tend to cost a lot of money to fix up, and in the meantime they have a dead asset on their books.
As a result, they are often amenable to allowing what is known as a “short sale” on the property.
Short sales happen when the noteholder agrees to accept less than the amount owed just to get rid of a potential white elephant.
Talk to a local Homestead FL real estate professional!
Naturally, you’ll want to consult with a local Homestead or Miami real estate professional, who knows all about short sales, but the two basic things to know are that you can avoid having a foreclosure on your record if you do it, and that you aren’t going to get any money out of the deal.
If you owe 400,000 on a house in foreclosure and the lender agrees to release the mortgage lien for anything less than 400,000, that is a short sale, and they will get every cent of the sale price minus fees and commissions.
It is very important that you find a Miami or Homestead real estate professional who has experience in these things and can assist you.
The mortgage holder still has the option of coming after you for the balance of the note unless you get them to waive this provision.
Only a real estate professional or a lawyer can make sure that all your bases are covered in this.
The best strategy remains selling your house fast as soon as it goes into foreclosure.
You still have plenty of time, and you might still get something out of the deal for yourself.
A short sale is your next-to-last resort, while simply walking away is your least desirable move.
In any eventuality, there are plenty of qualified real estate professionals in Homestead and Miami Florida who can advise you on the best move to make.
The minute you find yourself in a foreclosure situation, obtain the help of a trustworthy real estate professional at once.
Foreclosures take time to work their way through the system, but they are final, and you have no further recourse once the process is finished.
Get your life back!
It is not a pleasant thing to think about, but you cannot start putting your life back in order until this matter is behind you.
You may be able to sell your house and recover some money out of the deal if you act fast.
If not, you still may be able to do a short sale and minimize the damage to your credit report.
Once the sheriff comes out onto the courthouse steps, there is no going back.
If need help and would like to discuss your options when it comes to selling a house in foreclosure, call us or submit the form here and we can help. We may be able to buy your house right now for cash and close quickly.