A homeowner with a distressed property can sell their house directly in which will at least partly cover remaining debts in this situation. Listing your home for sale adds another massive burden to an already stressful situation. Attempting to sell your distressed property in San Antonio on your own can be a daunting task to say the least. We have helped many homeowners in this exact situation and we can help you. Sell to Big Buck Home Buyers now and we will work with you to avoid costly mistakes and wasting time. We understand the process of selling houses and can help you navigate the entire process.
Distressed properties include properties in foreclosure, short sales, or REO properties. Failure to pay the mortgage or taxes on a property can leads to foreclosure. If the homeowner is unable to catch up on missed payments, the lender can sell the property at a loss at an auction. This is known as a short sale. A property becomes a real estate owned (REO) or bank-owned property if it fails to sell at a foreclosure auction.
If you find yourself in this unfortunate situation, below are 4 things that you will want to know before selling your distressed property in San Antonio.
Holding the Bag
If the property sells for less that what is due to the lender, then you will be financially responsible for any remaining debt, even after foreclosure. This remaining balance, known as a deficiency balance, may exceed the value of the homeowners remaining assets and could lead to bankruptcy. Unless a prior arrangement has been made with the lender, the homeowner could be stuck with this debt, even with a short sale.
Time is of the Essence
There isn’t any time to spare when taking action to ward off impending foreclosure. Indecision can be devastating in this case. You can’t hope your troubles will go away and simply hide your head in the sand. If you have received notice of foreclosure then you must act quickly when considering selling your distressed property in San Antonio. The bank will not wait for you to solve the problems with your distressed property and you will be losing time and likely money the longer your home sits unsold.
Non Cash Offers
Be sure to work with a true cash buyer when you are selling your distressed property in San Antonio and pass on anyone who has non-cash investments. You don’t have the time for a buyer to liquidate other assets in order to purchase your property. You must use this time wisely since every day counts, therefore, finding a true cash buyer is essential.
To facilitate a quick sale it is extremely important to set the price of a property on the market in San Antonio right. It takes specialized knowledge of the market to set the price correctly. It is key to understand the going rate on the current market in particular for distressed properties which likely includes repairs and possibly other costs, such as catching up on mortgage payments, that aren’t associated with traditional home sales. Pricing the property incorrectly can cause the property to sit on the market for extended periods of time. With foreclosure right around the corner, this is the last thing you want! Your distressed property will likely sell below market value.
Listing a property for sale by owner can be challenging. Listing a distressed property in San Antonio on your own is brutal! Not only are you dealing with the stress of a looming foreclosure but now you have added the stress of waiting for your property in San Antonio to sell. There is no guarantee of a sale, let alone a quick sale which is what is really needed. Consider selling to Big Buck Home Buyers directly. We can make the process quick and easy and relieve you of the stress involved in selling your San Antonio property yourself.