Foreclosures are bad for everyone. They’re bad for neighborhoods because they reduce home values. They’re bad for mortgage lenders who have to resell the house and settle for a sale price lower than mortgage balance. And, of course, they’re bad for you, as they can hurt your credit and leave with a loan balance that you still have to pay.
Fortunately, there is a way to avoid foreclosure while leaving your credit intact. You can sell your house as-is for cash to a company that buys houses in Northern Indiana. At HouseMart, we buy homes for cash. We can help you prevent foreclosure by making a cash offer on your home and closing quickly. In most cases, we can close a sale in as little as seven to 21 days.
Can I Sell My House for Cash During Foreclosure?
If you are facing foreclosure, you have the opportunity to sell your house as-is for cash until the home is sold at auction by the mortgage lender.
Your home will end in foreclosure when a mortgage lender sells a property as a result of your inability to catch up on your late mortgage payments. The lender may give you a period of time to get the payments current - typically 120 days. Afterward, they will start the process of repossessing the house and evicting you from the property.
Fortunately, you can halt the foreclosure process by selling your house in advance. It is legal to sell your house as long as you satisfy the lender’s requirements - the primary requirement being that the house sale pays off most or all of the loan.
When Is It Too Late to Sell My House During Foreclosure?
You can still sell your house during foreclosure as long as the mortgage company has not sold the house at auction. Indiana has a redemption period of one year after the auction sale in which you can reclaim the house to catch up on the mortgage payments or sell the house.
However, the longer you wait to sell your house for cash, the more difficult it becomes for you to close a deal. If keeping the house is no longer an option, you should try to find a company that buys houses in Indiana as soon as possible and get cash for your home.
Should I Hire a Real Estate Agent to Sell My House?
In normal circumstances, a real estate agent may be a good option. However, most homeowners only hire a realtor in a traditional home sale. A traditional sale can take up to 90 days, not including the time it takes to prepare the house for a sale and close the deal. You may not have time to hire a real estate agent, make repairs, look for a buyer, and close the sale.
A cash home sale helps you in two main ways:
- It eliminates many of the steps in a traditional home sale.
- It is a private real estate transaction between the buyer and the seller.
You work directly with the buyer. There is no need to hire a real estate agent or a middle person to broker the deal.
What Are the Benefits of a Cash Home Sale in Indiana?
In a cash home sale, the house-buying company assesses the current market value of your home and makes a cash offer based on the value. If you accept the offer, you sign the paperwork and close the sale. The buyer pays you for the house. There are several advantages to selling your house this way.
- You sell our house faster, allowing you to stop the foreclosure process.
- You work with a pre-qualified, fully committed buyer.
- You can pay off the loan balance and get out of your mortgage.
- You have little to no closing costs or selling expenses.
- You can sell your house for any reason.
- You can sell your house as-is and make no home repairs.
An experienced, reputable home buyer has worked with dozens of motivated home sellers in your situation. They have the knowledge and experience necessary to guide you through the process so that you can sell your house with no strings attached. You can walk away with your credit still intact to start over and buy a house down the road.
Sell My House Fast to Avoid Foreclosure in Indiana
Don’t let foreclosure ruin your financial situation. Sell your house fast for cash to HouseMart. We buy homes for cash in Indiana. You can sell your house as-is for cash regardless of your situation. Call 219-230-8735 to get a fast cash offer on your house.