Do you need to sell your house to avoid foreclosure in Connecticut? Learn more about what you can do to stop the bank and save your credit in our latest post!
Nobody wants to deal with the foreclosure process, but unfortunately, it happens to good people every day. While foreclosure rates are down to about 3.6%, people are still losing their homes to the banks. Life can change in a blink of an eye when you lose a job, get a divorce, or are faced with the loss of a loved one. People in foreclosure often have other unfortunate things happening in their lives and dealing with the banks is the last thing they want to do.
The good news is that with a fast sale of your Connecticut house, you will be able to stop the bank while avoiding the destruction of your credit. Keep reading to learn more about how to sell your house to avoid foreclosure in Connecticut
Sell It Fast
When you need to sell your house fast in Connecticut, you have two primary options. You can choose to list it and cross your fingers or you can opt to work with a direct buyer, guaranteeing you a sale date and sale price. Sure, direct offers are usually less than what houses on the MLS fetch, but you must take into account the fact that by working with a direct buyer, you won’t have to deal with repairs, commissions, or marketing costs. You will be able to sell fast and walk away confident. With MLS buyers, just because somebody presents an offer and you accept, doesn’t mean that it’s a done deal. They still need to qualify for a mortgage which might require further repairs be done to the house, and the house still needs to appraise etc. Also, maybe the buyers will ask for a credit or a major repair that you don’t have the funds for, they may eventually walk away after wasting all of that time!!
If you opt to list your house in Connecticut, be advised that it can be risky. If your house doesn’t sell right away, the banks may be able to get to it before you have found a buyer. You will need to price the house to sell and make it as appealing as possible in your photos as not to be overlooked by potential buyers. You’ll want to find a buyer who will be able to close on the house right away as any delay could cost you the deal and the house. There are agents who specialize in foreclosure sales, if this is what you choose to do, it is best to work with a professional who knows exactly how to get things done.
Plan Your Move Now
When you work with a direct buyer such as Fair Home Offers CT, LLC, they will likely be ready to close in only a matter of days. That said, you will need to be ready too! You could hypothetically get an offer this week and close next week! If this happens, you will want to be ready to go. Figure out your moving logistics, costs, and where you plan to go. If you haven’t done so already, take some time to declutter. Throw things away that need to get tossed and consider selling some unused items to help with the sale. If the situation calls for it, you could even opt to have a yardsale to quickly generate cash for the items you aren’t taking with you. It’s always a good idea to be open and honest with a cash buyer too. Many cash buyers don’t care if you leave items, even bulky ones, in the house. Ask if that will be allowed so that you don’t spend unnecessary time or money dealing with these types of issues.
You will also need to know where you are going. If finances are tight, buying a new home may be out of the question, plus it is unlikely you would be able to close as quickly as you would need to move in. That said, you may choose to rent if you sell your house to avoid foreclosure. You will need to be able to pass a credit check and come up with first, last, and security. If it comes down to it, ask family or friends to stay with them until you are able to find new housing. A sale to a direct buyer can happen very quickly. If you are dealing with cleaning, packing, and moving, you may not have the time to find the perfect place. Instead of rushing into a place that isn’t right for you, instead, try to stay with someone you know – for only a short time of course. Check around in your community as well. There are often programs to help struggling homeowners get back on their feet. Also, again it may be a good idea to ask the investor buyer if they know any landlords. Typically, investors know other investors and they may be able to help you secure rental housing with associates or colleagues they know!! If a unique situation like an illness or job loss are the reason for falling behind on payments, that can be explained to a potential landlord and it may be easier to qualify in the landlord knows the investor who is purchasing your property.
Don’t Hesitate
Once the bank has begun their proceedings, it may be too late to do anything about losing your home. Your credit will be impacted, making it more difficult to buy another home in the future. It can take a lot of work to build your credit back up so if you feel you are at risk of losing your home, it is better to be proactive about it as opposed to waiting. While the process can take some time, letting you stay in the home for longer, it isn’t worth the damage that can be done to your financial future. By getting a direct, no-obligation offer from Fair Home Offers CT, LLC, you will be able to run the numbers and ensure you don’t lose your property to the bank. The more you know, the better decisions you can make. By speaking with us, we’ll give you an honest evaluation of your property so you know what the best options may be for you!! As always, we encourage sellers to take a look at our testimonials page on our website to see what other homesellers have said about working with our company!!