Selling a foreclosed home is an option many homeowners who have defaulted on their loan don't know much about. Foreclosure is a long and heartbreaking process for a homeowner. But, it's not hopeless. When looking for a solution to defaulting on their mortgage payments, many owners float this question: "Can I sell my home if it is in foreclosure?" The short answer is yes. Up until the home is sold at auction, you can rescue your home by selling it and paying the lender everything you owe, including back payments and penalties.
A foreclosure starts when the homeowner is issued a notice of default after your fourth missed payment. The whole process can take from six months to one year or more, depending on the negotiations between you and your lender.
You can sell your home up until it is sold at auction or the bank takes possession of your house. During this period of time, the home is considered to be in "pre-foreclosure" and you can try to settle your debts with the lender.
One way to avoid foreclosure is to sell your home (with the help of an experienced agent). When time is of the essence, hiring a real estate agent should be your first priority so you can figure out how much your home is worth. A good agent can run a market analysis to help you anticipate how much money your home will fetch and if it's enough to pay off the mortgage. A real estate agent can also negotiate with lenders to reduce the amount they'll take in a short sale to rescue the property from foreclosure.
More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage. –Freddie Mac/Roper poll of 2,031 U.S. homeowners | Call Now: (516) 369-6570
The amount of time, effort and energy spent into selling or buying a home can be extensive and if you do it by yourself, and not with the assistance of a Realtor who know the area, you may run into the risk of losing money and getting a less-than-favorable deal. Sold Sisters Realtor's, backed by Nappa Realty has years of education and experience and help you not only make a solid and responsible financial decision, but also protect you from the many risks currently existing in the real estate market.