Can You Sell Your House Before Foreclosure?

Can You Sell Your House Before Foreclosure?

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What You Need to Know

The question is can you sell your house before a foreclosure? Facing a foreclosure is a difficult situation, but there are options to potentially save your home and your credit score. One possibility is selling your house before a sheriff’s sale.

Can You Sell Before Foreclosure?

Yes! You can sell your house before foreclosure anywhere in the United States. As long as the sale generates enough funds to cover the outstanding mortgage, late fees, liens, and any associated selling costs.  A foreclosure can be avoided.

Benefits of Selling Before Foreclosure:

  • Save Your Credit: Foreclosure has a severe negative impact on your credit score for up to seven years. Selling allows you to potentially walk away with a clean slate.
  • More Control Over the Process: You control the selling price and have a say in the closing timeframe within reason.
  • Potential Profit: Depending on market conditions you might even earn some money after covering the mortgage and all other closing costs.

Time to Foreclosure

Items to Consider:

  • Time: Foreclosure sales typically happen quickly as time is against you. Selling on your own timeline might take longer or not at all.
  • Finding a Buyer: Contacting companies like Buys Houses can be an option for a fast and convenient sale. They specialize in buying houses in any condition, including those facing foreclosure.
  • Lender Approval: You’ll need your lender’s approval for a short sale which allows the property to sell for less than the outstanding mortgage balance.

Next Steps to Selling your House to Avoid a Foreclosure (foreclosure alternative)

  • Contact Your Lender: Discuss your intention to sell and explore the possibility of a short sale.  As there are short sale timelines to consider if the lender approves it.
  • Contact Buys Houses: Get a fast quote and understand the process of selling your house to a cash home buyer.
  • Act Quickly: Time is of the essence. The sooner you begin the selling process, the better chance you have of avoiding foreclosure.

Remember: Selling before foreclosure can be a complex process so reach out now to Buys Houses.

Additional Resources:

Allegheny County Court of Common Pleas

HVAC Services in Pittsburgh