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Can You Sell a Foreclosed Home?

Nobody, especially no homeowner, wants to hear about foreclosure. Foreclosure is a difficult, sometimes scary process that involves the loss of your home, your equity in the home, a source of pride, and the center of lots of great memories. During the recent Financial Crisis, hundreds of thousands of homes fell into foreclosure, with 2010 being particularly brutal. That year, something to the tune of 120,000 homes fell into foreclosure, compromising the financial future of many hard-working Americans. As of this spring, it’s estimated that a total of 10 million homes went into foreclosure as a result of or during the Financial Crisis, leaving the future of those homes, some of them brand-new or close to brand-new, uncertain.  

Today, the real estate market has recovered with some of the hardest-hit markets having a new problem of having enough housing for a growing population. Foreclosures are still a tedious process, here, in a healthier housing market, but there are always options for people who are facing foreclosure. Choosing the right option to combat foreclosure on your home can help you protect your financial future. In fact, avoiding foreclosure isn’t simply easier on you and your credit – avoiding foreclosure is also a relief to the bank! Yes! Banks also don’t like to foreclose on homes – this can cost the bank money.

When the bank forecloses on a home, it is because the owner of the home has failed to make their scheduled mortgage payments in full. While foreclosure is an inevitable result of defaulting on your mortgage, there is no swift process when it comes to foreclosure. Foreclosure might take the bank months, and you own your home until the bank forecloses the home, or repossesses the home. Either are possible. These possibilities apply to both traditional and FHA home loans, though in the case of default on an FHA loan, the FHA pays your lender for the remaining amount, and you are in debt to the government. Fortunately, for those who are unlucky enough to be close to defaulting on the FHA loan, there is a special program for those whose homes have been financed with FHA mortgages that could prevent a devastating foreclosure.

Can You Sell a Foreclosed Home?

selling a home in foreclosure

The simple answer is ‘yes,’ you can definitely sell your foreclosed home. In fact, selling your home may prevent foreclosure, and save you a huge ding on your credit. Selling a foreclosed home, though, necessitates a little more effort on the part of the seller: given the precarious situation in which you’ll find yourself during foreclosure, you’ll need help.

Selling any home can be a frustrating, confusing process, but selling a home in foreclosure is an especially challenging undertaking. You’ve got a litany of financial and time constraints that don’t exist for homes that are available for financing with a traditional mortgage. Situations like this are where real estate professionals aren’t just helpful, they’re essential. Choosing an experienced real estate agent to assist you through the process will immediately pay its dividends: your agent will be able to find important information for you, like how much you could feasibly receive expect to receive from the sale of your home. Your real estate agent may even be able to work with you lender to find an agreeable amount to accept in the event of a short sale. A short sale involves selling your near-foreclosed home for less than the amount that you owe on your mortgage. Short sales are never ideal – in this situation, you might not see a dime from the proceeds of the sale. With the home being sold for less than what you owe, everything from the sale of the house would belong to the lender.

Before You Foreclose

Preventing foreclosure is strongly preferred to having to sell your home after foreclosure. What’s more, selling your home can be one of the many ways to prevent foreclosure from happening to you, or to your credit. Your lender will have already issued up to four warnings that you’ve failed to make your payments, and are months behind in your mortgage. This is the beginning of of the foreclosure process. Depending on your lender, the process could take up to a year, and part of the reason for is the time that your lender will take while contacting you when you’ve missed each payment. Another factor in this process is the time that your lender will likely give you to sell your home, or to pay them the total of the missed payments and fees attached to the home. The time that you will have to either sell your home or find the money can be as brief as 20 days in some states, and up to two years in other states.

Before you decide firmly to allow your home to go into default, make sure that you communicate with your lender. As previously mentioned, banks don’t enjoy foreclosure. It may be long and emotionally trying for you, as the homeowner, but it’s expensive and time-consuming for your lender. When a bank forecloses or repossess a home, the bank is responsible for maintenance, upkeep, cosmetic issues that may arise in the home, finding an experienced real estate agent, and paying for the costs of advertising the property for sale, including listserv fees. There could be even more expenses involved, but none of them are anything that the bank wants to deal with.

More Options Before Foreclosure

If possible, turning your property into a short-term rental may also help you. If you can rent to several people, that could turn into several thousand dollars in a given month, which could help you enormously when you’re facing foreclosure. You may have the option for a forbearance, or to restructure your loan. If you really feel your options dwindling, it might be worth it to consider liquidating some of your other assets to pay off your mortgage. Whatever your final decision, make sure that you work closely with an experienced real estate agent.

Ricki Irwin
Ricki Irwin
00:06 24 May 19
This was so easy Casey was very helpful and kept in contact through the entire process thank you again for everything. Highly recommend this company.
Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
Dennis Ripley
Dennis Ripley
03:55 14 Feb 19
Very professional and very knowledgeable from start to finish. They went above and beyond to help me find what I was looking for. I would definitely recommend them.
Avraham Metal
Avraham Metal
01:58 14 Feb 19
As a Real Estate Agent I have sold properties to Casey and his Team. They are men of their word and have never let me down.
Dena Shapiro
Dena Shapiro
01:29 14 Feb 19
What an AWESOME experience!! Casey and Ryan are THE BOMB!! They either answer their phone ALWAYS or respond within minutes. They originally called to see if I wanted to sell but I wasn't interested in selling. However, my neighbor had to sell immediately so I referred them to her, she accepted their offer & they closed escrow within weeks. It would've been A LOT sooner but there were delaying issues on the seller side. Anyways, they got it closed & EVERYONE is happy!! Thank you so much Casey & Ryan :). YOU'RE THE BEST!!!
Ron Lorenzo Woods
Ron Lorenzo Woods
00:51 14 Feb 19
Great team with quick and professional service!
karina giraldo
karina giraldo
00:36 14 Feb 19
Knowledgeable, fair, and professional. I loved working with Casey. I did my research before selecting a company, and I’m so happy I went with them!
Cody Raynoha
Cody Raynoha
00:27 14 Feb 19
Casey runs a great company that's honest, easy to deal with, and is always fair. I'd absolutely work with him again!
Whitney Carter
Whitney Carter
21:42 08 Feb 19
Grateful to have worked with such a great company! Long story, short they really did help me through a tough time. No need to get into details, but this company really knows what they are doing. Thank you for all of your help with my home. Highly HIGHLY recommend!
Alan Giblin
Alan Giblin
23:01 07 Feb 19
I was shocked when I heard that We Buy Any Vegas House could sell my house so fast without any fees or charges at all. Thanks again guys!
Crosbey Proffitt
Crosbey Proffitt
22:48 07 Feb 19
I started off using a realtor thinking that I would be able to sell my home fast, but that wasn’t the case. I ended up reaching out to different companies and I ended up finding We Buy Any Vegas House. They were on it the second I reached out to them and were able to sell my home fast!
Investors
Investors
18:59 07 Feb 19
I have been in Real Estate for many years, it’s so refreshing to meet such professional, kind people to work with. We Buy Any Vegas House has great employees who are responsive and get things done quick. You can tell they have a true passion for what they do. If you are looking to work with a great team and you want to sell your house quick, I highly recommend this group!
Scott Henry
Scott Henry
18:53 07 Feb 19
We Buy Any Vegas House truly is one of the most reliable companies I have worked with. You can really tell that Casey and Ryan really care about what they do and really want to make you feel comfortable in the process. Thank you for all your guys help!
Ashlyn Mazur
Ashlyn Mazur
21:26 02 Nov 18
Most professional real estate company I've ever worked with! Would for sure recommend them!
Ashley Thompson
Ashley Thompson
18:59 02 Nov 18
I called 3 different companies and Casey was the most responsive. His offer was higher than the other ones as well. I really liked that they were a local company and everyone who helped me in the process was great to work with!
Katrine Baker
Katrine Baker
18:39 02 Nov 18
My mom and I had to move out of our house pretty quickly due to her martial differences. They were honest and extremely professional during the process and we are forever grateful to have worked with such a great company! Highly recommend!
Gregory Mitchell
Gregory Mitchell
00:26 01 Nov 18
Unfortunately, I never thought I would see myself having to get rid of my home, especially in a fast time frame. However, life happens, and I needed to sell my home quickly due to a death in the family. I reached out to 4 companies in Las Vegas, and We Buy Any Vegas House not only was the most efficient, but the friendliest, most reasonable, and compassionate. The other 3 companies did not even compare. Casey and Ryan have gone above and beyond to make sure that this worked for me. They truly care about you, which means a lot especially during a tough time. They put in the effort to care about the client first, as well as my family during this tough time. I am so grateful to have found them, and to top it off, they bought my house and put cash in my pocket in 7 days. Would recommend to all! Use this company, you can't go wrong! Thanks to Casey, Ryan and John!
Samantha Bonneville
Samantha Bonneville
00:23 01 Nov 18
We buy any houses is one of the most honest companies I have worked with. They are always upfront with issues of the houses, honest with fees And closings. We have not had a bad experience after 10+ Transactions
Alyssa Trent
Alyssa Trent
23:08 31 Oct 18
I worked with them to help my Mom sell her house and they were so amazing!! They explained to us exactly how everything worked step by step. I called them on a Monday and they got us cash by Thursday. Casey is such a genuine person.
Robert Johnson
Robert Johnson
22:10 31 Oct 18
After a tenant trashed my rental property, I was faced with the decision of remodeling or selling the property in its current state. I called Casey and he walked me through the entire process, start to finish. After factoring in the amount of time and money the remodel would take, it was clear that selling to them was the best decision for me. Within a week of my first contact with Casey and his team, we closed on the property and I had cash in hand. I'll definitely be reaching out to them in the future. THANKS!!!
Corey Trent
Corey Trent
02:33 31 Oct 18
I reached out to Casey and Ryan when I needed to sell my house. They were very professional and helped me through this tough time. They were able to buy my house and close fast. What a great team they are! I would recommend them to anyone. Thanks again!
John Washington
John Washington
02:24 31 Oct 18
As a very skeptical person I always believe that my best interest is not priority when dealing with people that want my business. I cannot name the countless times that I have been burned. After looking to sell my house for a cash offer, I was called by a lot of investors, most of which had very little customer service. Several didn't return call when they said they would and then when they finally called me back, they got anger when I decided not to use their Services. From day one Ryan not only treated me like is #1 customer but also treated my whole family like long time friends. I most also state that his offer wasn't even the highest. I took the lower off with him due to the fact that he help with crucial tax situations that I needed taken care before receiving them money so it wouldn't bit me in the butt later. He answered every call before and after the process was completed. 99% of others wouldn't have even answered a text once they got the money. Could I have made a couple of thousand dollars more with someone else? Sure, but the peace of mind in knowing that it was done the right way by someone who actually was professional and care was more than worth it. Ryan has made a customer and friend for life.
Green Girl
Green Girl
00:00 31 Oct 18
I was in a really tough spot because my Husband was in the Hospital and had passed away. I was completely unready for this and had discovered that there would be considerable expenses!  I had received several letters from companies interested in the property on an "as is" basis.  Most had never got back to me after I called them or were too low of offers.  I put an inquiry in their website and was immediately contacted by the Owner who was able to come the very next day!  The entire process was easy and professional.  Thank you We Buy Any Vegas House!
Mike
Mike
23:37 30 Oct 18
Casey and Ryan were so helpful! I was was a week from being Foreclosed and they were able to get me cash in my account in 5 days! And even let me rent back until I was able to find a new home!
Karl Workman
Karl Workman
21:03 30 Oct 18
This company was not only the most professional real estate company i've dealt with, but they're the most reliable and respond quicker than most companies i've ever dealt with. They were fast, professional, and knowledgable in all aspects of our deal. Would and plan to recommend them to all of my friends and family! 10/10.
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