If you default your loan, you can still sell a foreclosed home in Ruston, Washington. Foreclosure is generally a heartbreaking and long process for any homeowner. However, it is not a hopeless process. Unfortunately, many homeowners don’t know that they can find a solution to their mortgage payments after defaulting.
It’s important to note that until your home is actually sold at an auction, it is possible to rescue it. For instance, you can sell home fast to a company like KDS Homebuyers and pay what you owe the lender. This includes penalties and back payments. This allows you to pay off your debt to the mortgage company, and avoid the damage that a foreclosure can have on your credit.
How Foreclosure Works
Foreclosure starts when you receive a default note after the fourth month of missed payment. However, the foreclosure process can take 6 to 12 months or even more. It depends on the negotiations of the homeowner and the lender.
Selling Your Foreclosed Home
Since foreclosure can take 6 to 12 months, you can still sell it during this period. It’s only after the bank has possessed your house or sold it at an auction that you can’t sell it. During the foreclosure period, the house is generally in pre-foreclosure. That means you can settle the debts that you owe the lender during this time.
One of the best ways to deal with a foreclosure is seeking help of a professional and experienced real estate agent to sell your house. Make sure that the realtor helps you sell your house at a price that will enable you to pay the debt that you owe the lender. This includes penalties, fees, and back mortgage payments. Although you will no longer own your home, it will not be foreclosed upon. If you let the lender auction or possess your home, you will have serious credit damage.
Make the Decision
Deciding to sell a foreclosed home in Ruston, WA will take pressure off your deal. And, if you make this decision early, you will have time to get a better deal on your property. Therefore, ask the lender about the time that you have before they auction your home. Note that some lenders can auction a property in a period of less than 12 months while others will take longer than 12 months to auction it.
Work with an Experienced Real Estate Agent
When time is crucial, working with a reputable real estate agent or a property sale company is very important. A good agent or company will run a thorough analysis of the market and provide data that will enable you to anticipate the amount that you will get from the sale of your property. They will also help you determine whether the amount that your property will fetch will pay off your mortgage. Additionally, a good company can negotiate with your lenders to extend the period left before the lender auctions your home.
KDS Home Buyers understands how it feels to face a home foreclosure. We will help you get out of this bad situation. Call us today and we will help you sell a foreclosed home in Ruston, Washington.