Nobody wants to have to deal with their home being foreclosed upon. For many people, a home in foreclosure is something of a nightmare, not only difficult to deal with but embarrassing and hard to admit. Yet it’s something that many people deal with, and in fact, it’s an issue for many more individuals than usual simply due to the COVID-19 pandemic. The pandemic has left millions of people without jobs or at least without a consistent income. Therefore, it’s all too easy for them to fall behind on their mortgage payments and end up with a home in foreclosure. After all, about 47% of all foreclosed properties are still occupied.
If you are one of the individuals with a house in foreclosure, however, you’ll have limited options for respite. The reality is that many people with homes in foreclosure are unable to catch up with the mortgage payments while at the same time continuing to pay for future expenses. In those cases, selling a house quickly is usually the best option, one of the easiest routes for selling a home quickly is looking into cash home offers. Home buyers that offer cash are often quite interested in buying foreclosed-upon homes, but it can be difficult to decide whether or not that’s right for you. Below, however, are some of the reasons why you should consider this particular avenue.
1. Speed
As previously mentioned, speed is one of the main reasons why you should consider cash home offers if you’re interested in selling a foreclosed-upon house. When your house is in foreclosure, you’re essentially racing against the clock. Typically, a lender will give homeowners a limited amount of time before their house is put up for auction. That time frame is set by the lender, and the homeowner will have little influence on it.
Before you even decide to sell a home for cash, you’ll first need to get permission from your lender. Most lenders are willing to give homeowners some time to find cash offers for homes, as this is easier for the lenders themselves. Cash home investors, subsequently, act quickly. As they’re offering the full price of a home up front and in cash, they’re able to skip the intricacies that come with being approved for a mortgage, and can immediately move on to buying your home.
2. Convenience
There is no need to shop around for a traditional buyer or, even worse, look into ways to settle your debts when you’re working with those that make cash home offers. Rather, most of these investors come in the form of companies. Therefore, all you need to do is find the one that will make you the best offer and has the best reputation and move on from there.
Not only is this more convenient in that the process is faster and more streamlined; it’s also more convenient in that the buyers are less likely to fall through. When a company is offering you the full price of your home, cash in hand, you’ll know that you can trust them.
3. No Repairs Necessary
One of the most aggravating aspects of selling a home on the traditional market is making repairs. Typically, when you sell a home you’ll be expected to make repairs to the home before it is sold. If your house is being foreclosed upon, you won’t have time for that.
This is why cash buyers are so appealing. They don’t expect renovations to be made before a home is sold. Rather, they factor the cost of repairing a home into their own budgets and are prepared to buy even houses in poor condition.
4. Value
Because you won’t have to make repairs, you can get a solid value when selling a home to a cash home buyer. While the value may be somewhat less upfront than it would be if you sold a home traditionally, you will be investing less. Additionally, the importance here is speed, not income. Whatever you receive will go to helping you settle your mortgage debts.
Selling a house is never easy. But when a house is sold to those making cash home offers, it’s a much simpler process.