1- Time is of the essence. Make sure you have enough time to think about all the potential options that you do have regarding your home. If now is just a few weeks before the auction date, selling to a cash buyer that can close in 5-10 days could be a really good option. Foreclosure has some major legal, tax and credit consequences. You could save your credit, and, if you have equity in your home, possibly walk away with some money to get back in your feet.
2- Talk to someone experienced in the subject. A Realtor or an Investor, with understanding of the foreclosure process, should be able to walk you through the process so that you can understand what’s happening at each stage.
3- A problematic financial situation does not have to lead to foreclosure. If making your house payments have become difficult, selling your home to an investor who will give you an honest, fair value of your home might just be what you need to do to get out of the problem quickly. Cash buyers usually buy homes in as-is condition and can close in as little as 5-10 days. Last year, we purchased a property from a homeowner in Richardson who was in the foreclosure process and within weeks of having his home auctioned-off. The new influx of cash that you will receive with your home sale will give you an opportunity to move on. Just remember, all is not lost if you actually do get a notice of default.
4- Have an experienced professional run an assessment on the value of your house. We, at Texas Real Estate Buyer, are professionals who can give you a free home assessment. If you find out that you owe more than what your home is worth, then call your bank or short sale specialist. The short sale process can be very long.
If you are facing foreclosure, or know someone who is, then it’s time to act right away. Professionals, such as Texas Real Estate Buyer, are here to help so feel free to contact us anytime 888-542-1920.