Do you need to sell your house to avoid foreclosure in Lancaster? Read below to find out what you can do in order to not give the house back to the bank.
Nobody wants to deal with the foreclosure process, but it happens to regular, good people all the time. While foreclosure rates have been down for the past couple years, the recent and ongoing economic volatility most recently related to Covid-19 is likely going to raise those rates very soon. As we’ve all found out recently, life and situations can change very quickly! People in foreclosure often have unfortunate circumstances in their lives and the last thing they want to do is deal with the bank.
The silver lining here is that with a fast sale of your Lancaster house, you will be able to stop the bank from taking the house and avoid further damage to your credit. Below we’ve included more about how to sell your house to avoid foreclosure in Lancaster.
Sell Your House Fast
When you need to sell your house fast in Lancaster, there are two main options at your disposal. The first is you can choose to list the house with an agent and hope that you find a qualified buyer quickly. The second option is to work with a direct house buyer, which will guarantee not only the sale, but also the timing. It’s true that direct offers are usually less than what a house may be listed for on the MLS, but there are also definite advantages in going this route. You won’t need to deal with any repairs, commissions or additional costs you may incur with a traditional listing. You can sell you house fast for cash and walk away.
If you decide to list your house in Lancaster, it can be a risky move if you’re facing foreclosure. If the home doesn’t sell quickly, the bank may take the home which is almost always the worst case scenario for you. In order to have the best chance of selling fast, you will need to price the house very aggressively (i.e. below market value) all while making it appealing as possible to a traditional buyer who wants the house looking good. You’ll need to hope that this buyer can also close on the house right away as the bank likely won’t stop their proceedings even if your perspective buyer has issues with inspections, financing, etc. If you still feel as though this would be the best option for you, please reach out to us as it’s important that you work with an agent who is very experienced in the “pre-foreclosure” sales. We have agents in our network who have the experience to give you the best shot at selling and are happy to refer you.
Understand the Need to Move and Plan For It
When you work with a direct buyer such as We Buy Lancaster Houses, they often give you the option to close in just days. Because of this, you’ll need to be ready to move out at that time as well. Figuring out the logistics of your move, the costs involved, and where you’ll be headed are crucial next steps. It’s important to start planning immediately and preparing for the move by decluttering and beginning the packing process. Listing items on Facebook Marketplace or at a yard sale can be a good option to move items quickly and generate a little cash.
You will also need to get an idea of where you’re headed. Often times when people are dealing with foreclosure, buying another house isn’t an option. You may need to rent or even move in with friends or family for a limited time until you have a concrete next step. Make sure that you understand what’s required, especially if it’s been a long time since you’ve rented. Typically landlords will do a credit, income and background checks of potential tenants. If any of these things will be potential issues, it’s important to start contacting potential landlords right away to see what their requirements would be.
Once the bank starts their proceedings, it can sometimes be too late to stop them. Your credit huge hit if they reposes your house which can make it very difficult to buy or even rent in the future. Building your credit back up can take lots of time and be tricky to do, so if you feel you are at risk of losing your home, it is best to take action immediately. Denial can be very powerful in these situations and have huge negative impacts. Though it may seem appealing to push this off, especially if you have some time before the back officially kicks you out, waiting can be very detrimental in the long run. By contacting We Buy Lancaster Houses for a fast, no-obligation offer, you will be able to intelligently weigh your options and decide what’s right for your situation before it’s too late!