Life has never been easy, but in this economy, it’s gotten a whole lot tougher. Like so many others, you’ve missed a few mortgage payments, and now the bank is putting your home in foreclosure.
Some people feel a sense of panic and sadness when this happens, while others are indifferent and just want to be rid of homeownership for good. If you fall into the latter camp, you may be wondering, “Can you sell a house in foreclosure?”
Yes, you can, and My Tennessee Home Solution makes the process easy. We buy houses in Old Hickory, TN, so call us to get an offer on your home today.
Is It Possible To Sell a House in Foreclosure?
Not only can you sell a house in foreclosure or pre-foreclosure, but this is often the best option for many people. Waiting for the foreclosure process to complete will seriously hurt your credit score. On top of that, you may have to pay something called a “deficiency fee” if your home doesn’t fetch a high enough price at the foreclosure auction.
Selling your home in foreclosure has several benefits, including:
- Your credit score won’t take a big hit. Foreclosures stay on your credit report for a whopping seven years, making it very difficult to secure another loan.
- You won’t have to pay the mortgage company a deficiency fee, which can be thousands of dollars.
- You may be able to buy another home much sooner than you would if you allowed the foreclosure to go through.
Selling Your House in Foreclosure: Your Options
Can you sell a house in foreclosure? You certainly can, and doing so is an excellent option. But how do you go about it? Some people opt to put their home on the real estate market and sell it through an agent. Here’s how that works during the foreclosure process:
- Let your mortgage lender know that you want to sell the house. Ask how long you have until foreclosure. In some cases, the lender might be willing to postpone the auction.
- Hire a real estate agent. This isn’t absolutely necessary, but an agent can sell your home faster than you can yourself, which is helpful when time is against you.
- Consider a short sale if you have little or no equity in the home. A short sale is when your house’s value is less than your mortgage. However, a short sale will hurt your credit like a bankruptcy.
If you’d rather not fuss with putting your home on the market, you can instead sell to a cash buyer like My Tennessee Home Solution. You won’t have to worry about showing the house, making repairs, or repaying outstanding debt.
Mortgage Default? Sell Your Home in Foreclosure to My Tennessee Home Solution
Can you sell a house in foreclosure? My Tennessee Home Solution provides the fastest way to sell your home in foreclosure, hands down. We accept homes in any condition, whether they are in disrepair or going through the Tennessee foreclosure process. To get an offer for your home, call us at (615) 933-5431.
