Facing foreclosure is one of the scariest things a homeowner can experience. Although the situation may seem bleak, it isn’t hopeless. If you’re facing foreclosure in Melbourne, FL, you don’t need to give up your home right away. We’re here to help you explore your options so you can be as informed as possible during this process.
How to Sell a Home in Pre-foreclosure
Pre-foreclosure, or the period before the lender acquires or forecloses on the home, lasts a minimum of 120-days as per foreclosure laws in Melbourne, FL. This law is called the Dodd-Frank Act. You can extend the pre-foreclosure period by coordinating with your lender on different ways to mitigate loss and avoid foreclosure. One option is to sell your home.
Many may not know it, but it is possible to sell a house in foreclosure in Florida. You have until the state’s auction to sell their home. By selling your home during pre-foreclosure, you can pay off your mortgage loan, avoid foreclosure, and save your credit history. This allows you to remain in good credit standing so you can still take out another loan for your next home.
While it can be stressful as your racing against the clock, selling a home before the foreclosure process is completed gives you the chance to regain control of the foreclosure process.
Sell Through a Real Estate Agent
If you decide to sell your home, you’ll need to partner with an experienced real estate agent who can assist you with selling it quickly. If you can, find an agent that has helped those facing foreclosure sell their homes. They’ll have the knowledge to work through this complex process and will help you negotiate a fair price when you sell your home. You’ll want to be able to sell your home for as close a price (if not more) than what you owe your lender.
When choosing a real estate agent, make sure to be as transparent as possible when explaining your current situation. The only way they can help you is if they understand exactly where you are at in the foreclosure process and just how much money you owe.
Before selling your home, you’ll need to ask for permission from your lender. This is because homes facing foreclosure usually sell for less than the market price (in order for the home to be sold quickly). This is called a short sale. Many lenders will be amenable to a short sale because they’d rather get back some of the loaned money rather than none at all. This may not always be the case, so it’s best to get the green light before proceeding.
While selling through a real estate agent can save you time, it will not save you money. When selling through a real estate agent, you’ll also need to pay for real estate agent fees and commissions. This is something you should keep in mind during the negotiation process.
Sell to A Professional Home Buyer!
Another option is to sell to a professional cash homebuyer like Anchored Homes. At Anchored Homes, we buy houses in Melbourne, Florida for a fair price. We understand that some homeowners need to sell their property fast. The real estate market may be lucrative, but there’s also the added costs and no guarantee that you’ll get an offer. We can take your property as-is, consider the market value, and then give you a fair all-cash offer on your home.
We can schedule a property viewing and give you a fair cash offer within 24 hours or less. We have funds available and are looking to buy houses in your area right now! It’s FREE to get a cash offer from us, you have nothing to lose. Call us today! NJ: (609) 961-1116 or FL: (321) 866-8836.
When it comes to selling a home facing foreclosure, it’s best to start looking for solutions as soon as possible. If you have started to miss out on payments, start looking for alternatives right away. The best way for you to beat foreclosure is to start early! We hope these tips have helped and we wish you the best of luck.
