I’ve Missed Mortgage Payments and Need to Sell My Vista Property Quickly, Before Foreclosure.
In the North County town of Vista, alone, there are 122 homes in foreclosure that are currently listed for sale. Vista accounts for just one small portion of San Diego as a whole! In America, the FDIC claims that 1 in 200 homes will be foreclosed on each year. Foreclosure doesn’t discriminate because everyone is subject to falling behind for a period of time in their lives, and in some cases, it’s downright unavoidable. We can’t always predict losing a job or running into excess bills we can’t afford, but we don’t have to let those misfortunes have a lasting negative impact on life. While a foreclosure can be very uncomfortable and scary, it can be stopped.
If you’re someone who has missed mortgage payments and you’re running closer into the foreclosure danger zone, you do have options. Can you restructure your finances and budget in order to begin making payments? Or, maybe restructure your payments with your lender? Try these things FIRST.
If you know you won’t be able to make the payments anytime soon and restructuring payments is not an option, now is the time to dig your heels into the ground and do your due diligence. What can you do to stop pending foreclosure? Sell, before it’s too late.
I Need to Sell Fast and Avoid Foreclosure
At this point, we know that selling your property quickly is a priority if you can’t make payments and don’t want to let your house continue down this road. We know the implications a foreclosure and more missed mortgage payments can have on your credit score and your opportunity to buy again in the future, so let’s assess your options with that in mind.
Sell with an agent.
If you hire an agent that you want to represent you on the sale of your home, be sure to stress the importance of selling quickly, before missing more mortgage payments. Depending on the condition of your home, the agent may make recommendations to get the home repaired or cleaned before going to the list. As with any real estate transaction, there is no 100% foul-proof guarantee that your house will sell on your timeline. Even in a seller’s market, you are subject to the approval of your buyers and their wishes…what if there are delays? The chances are, if there are delays or your agent has a difficult time finding a traditional buyer for your home- they’ll solicit offers from cash buyers (like us) who can close immediately.
What if you owe more than the home is worth? There are some agents who specialize in short sales and can help negotiate fast sales. If you go this route, choose an agent very carefully. In many cases, homeowners solicit the advice of a lawyer to navigate through the negotiation process of a short sale. Short sales require 4-5 times more work than a traditional transaction, so you really want to work with a professional who has “been around the block.”
Sell on your own.
Okay, considering this is the longest of real estate transactions, we don’t think we need to go into detail here. If you’re late on payments, the only “pro” of going this route is that you avoid paying out a real estate commission fee once you sell. But, considering the fact that your sale may be more complicated than what’s common, we would recommend avoiding the negotiation and waiting game involved here (altogether).
Clearly, we are biased on the benefits of selling direct, but in this case- the facts really do speak for themselves. We ARE able to close on the date of your choice, and as quickly as you need. Plus, we don’t require any repairs or cleaning…we will buy your property exactly as it stands right now. Sounds easy, right? It really is. What’s more- we offer solutions that the conventional buyer doesn’t. In order to avoid as many penalties as possible, we recommend that some of our sellers consider a subject-to-purchase route.
What is a subject-to purchase? In this case, we will actually assume your loan. This really might be the perfect option for you. Here are the steps involved:
- Share a copy of your last mortgage statement (which includes your balance and any outstanding payments).
- We’ll make you an offer to take over the loan. So, in other words, we’ll buy the home with its existing loan in place (so, we essentially take over your mortgage and its problems).
- If the offer sounds good to you- sign.
- At the time of closing, we will pay all outstanding missed mortgage payments.
- Moving forward, the title is transferred into our name and we take over the payments from now on.
- You are in the clear and are hopefully able to walk away with cash in hand from the equity in your home.
The best part of selling directly to an investor (whether in a subject-to-purchase or not), is that you don’t have the negative implications of a foreclosure on your credit and you can walk away without damage that will affect you for years to come.
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