Are you wondering, “Can I sell my house to avoid foreclosure?” At My Tennessee Home Solution, we buy houses in every situation and condition. If you’re facing mortgage delinquency and don’t want to lose money on a short sale, we provide a fair and fast solution.
How Selling a Home Can Prevent Foreclosure Proceedings
If you’re at risk of losing your home to a looming foreclosure, consider a pre-foreclosure sale. Avoiding the process can prevent eviction and help maintain your credit score.
Understand the Expenses Involved and Your Current Equity
To prevent foreclosure, you must ensure the sale can cover the remaining mortgage, including any missed payments and existing penalties. Start by calculating your level of equity. A real estate agent or appraiser can help.
Imagine you have $100,000 worth of equity and $80,000 left on your mortgage, including missed payments and fines. You’ll have to account for:
- Real estate agent fees
- Closing costs
- Staging and marketing expenses
- Repairing the home
These costs can quickly add up. In this case, if the costs rise above $20,000, you’d lose money on the sale.
Notify Your Lender and Discuss Possible Solutions
When you search, “Can I sell my house to avoid foreclosure?” your lender may feel willing to help. You don’t technically need lender approval unless you’re selling the property for less than the amount left on your mortgage. However, telling them you want to sell may delay or pause any foreclosure proceedings.
Close Before the Foreclosure Date
Foreclosure usually takes several months, but if you delay the process, you may find yourself searching for a buyer on a tight schedule. If your lender didn’t pause the process, you must sell the property before the established date. Even if you have reached an agreement with a buyer, the deal becomes void if you don’t complete everything before the lender takes back the property.
Best Options for Selling a Home Before Foreclosure
What’s the best way to avoid the financial hardship that arises from foreclosure? While the traditional process of hiring an agent feels familiar, it can’t optimize your profit and protect your financial security.
Instead, find a reputable cash buyer who buys the home as-is. Read third-party reviews to establish whether the company works in the best interest of sellers or if they’re only interested in making a profit. Look for companies that make fair cash offers, know the value of your property, and let you keep 100% of it.
About My Tennessee Home Solutions
Don’t waste time searching, “Can I sell my house to avoid foreclosure?” Instead, contact My Tennessee Home Solution for help navigating foreclosure laws and a fast and fair solution. Call (615) 933-5431 to start the process today.
Frequently Asked Questions
How Quickly Can You Close?
We can close in as little as seven days.
How Can You Calculate Equity?
To calculate equity, subtract your remaining mortgage balance from the home’s value.
How Much Money Do I Save on Closing Costs by Selling to a Cash Buyer?
By selling to a cash buyer, you save roughly 5% of the home’s total value.
