As a homeowner facing foreclosure, you should know and explore all the options that you have in order to avoid being foreclosed upon. Unfortunately, there are hundreds of thousands of people who face foreclosure every year and most have no idea what options are available to them.
1. Most homeowners will try to list their home with a realtor. There is usually not enough time to get a contract and then list the home and wait for buyers. If the home needs repairs, then fewer buyers will be interested as well. Also, if you are over-leveraged and you owe more than your home is worth, most realtors will not work with you.
2. Another option that you have is to sell it to an investor. Investors buy properties, usually with cash and can close on the timeline of the seller (you). Investors will look at comparable sales in the surrounding neighborhood, assess the repairs that need to be made, and make a cash offer that reflects the value of home in it’s current state, minus any repairs that need to be made, and of course some incentive for them.
3. You can also do a subject-to deal. Subject- to deals allows investors to acquire the property, catch up the back payments, and make repairs all the while you are holding the note. When the property is then sold, you will receive the amount that is negotiated between you and the buyer.
4. You can also have investors, or real estate experts negotiate existing debt with creditors or do a loan modification, however you must show the bank that you are out of the hardship and that when the loan is modified the payments are able to be paid.
If you are facing foreclosure, the best option is to sell your home if you do not see any financial change in the near future. Investors are very easy to work with and you can usually have a cash offer on your house within 48 hours.
For more information or for real estate reports and information, please visit my website at www.reosave.com
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