As most of you know, I have started the journey to home-ownership. This is a sponsored post by Fast Sale Florida to help current homeowners who are having issues make their payments.
If you’re struggling to make your mortgage payments, foreclosure may seem inevitable. However, this step should only be a last resort. If your home’s foreclosed on, you can experience a range of problems that could potentially affect you for years to come. As well as losing equity in your home, you’ll have to move out on someone else’s terms. Also, your credit score could be seriously harmed, making it more difficult to make future purchases.
Fortunately, there may be a viable alternative to foreclosure - and that’s opting for a quick sale. Keep reading to find out what this process involves and whether it could be the right move for you.
How do quick sales work?
Quick sales, also known as short sales, can be a preferable option for both homeowners and mortgage lenders. In an arrangement of this kind, your lender agrees to allow you to sell your home for less than what you owe on it. The process starts with an offer being made on the property. This lets the bank know how much they will receive from the sale, meaning they can decide if it’s worthwhile for them. If you’re looking for a quick offer, you can approach cash home buying specialists such as Fast Sale Florida, which will provide a fair cash offer within 24 hours.
Once you have an offer, you can apply for a short sale with your mortgage provider. The company will then evaluate the information it has about your property, loan and other relevant details to decide if it’s willing to proceed with a short sale.
If your lender agrees to the arrangement, your property can be sold to the cash buyer. Unlike when you sell a property through a realtor, you won’t need to worry about closing costs or realtor commission - and the whole process can be completed within a matter of days.
Could this be the right solution for you?
Quick cash property sales may not suit everyone, but if you’re facing the threat of foreclosure, along with the negative effects this could have on your finances in the future, it’s well worth investigating this option. Cash property buyers will make an offer on your property regardless of its condition, so you don’t need to worry about making repairs or renovations.
As long as your lender is prepared to accept a short sale, this approach could save you money and stress, and make it easier for you, should you decide to purchase another property.