Are you facing foreclosure? Do you want to make a short sale of your home? Selling your distressed property may seem like an impossible task, but there are ways for you to do it.
If you are facing debt as a homeowner in Milwaukee, one of the options that you are probably considering is selling your home directly. Listing your house isn’t easy in this situation and if you are selling your distressed property you can probably agree that this process is overwhelming. And if you are thinking about selling that property on your own, you should know that this is a scary and time-consuming process with no guarantees. We are here to help you! Sell your distressed house to Sparks Property Investors LLC if you want to avoid wasting time and making costly mistakes.
A distressed property can be one of these three categories: foreclosure, short sale or REO (real estate owned) properties. We all know that a property can fall under foreclosure if you’ve failed to pay your mortgage or tax bills. If the homeowner doesn’t think of a resolution on how to make up for these payments, a lender can put up the house for a sale, a process that is known as a short sale. If a home doesn’t sell, it then becomes a REO, or a bank owned property.
If you end up in such situation, here is what you need to know before selling your distressed property in Milwaukee.
Holding the Bag
Should the property sell for less than the lender is due, you’ll still be held financially responsible for the debt remaining on the mortgage, even after foreclosure. This is known as a deficiency balance, which quite often exceeds the value of the homeowners remaining assets and could well lead to having to declare bankruptcy. Even with a short sale, unless it is agreed to prior, you could still end up owing this debt.
Time is of the Essence
When it comes to taking action to ward off impending foreclosure, this isn’t the time to be indecisive. Don’t hide your head in the sand and hope your troubles will go away. There truly is no time like the present. When considering selling your property in Milwaukee to avoid foreclosure, don’t hesitate. The bank has a countdown going that will not stop and you’ll be losing time and likely money the longer your home sits unsold.
Non Cash Offers
When you are selling your property in Milwaukee, you’ll want to forego working with buyers who have funds that are based on non-cash investments. Time isn’t on your side and sidesteps stalling the sale of your home until they’ve liquidated their assets. You’ll want to be sure that you are spending this precious time wisely and only working with qualified cash buyers.
It cannot be overstated that setting the price of a property on the market in Milwaukee, is extremely important in accomplishing a quick sale. It takes a great deal of investigating to set the price correctly. You’ll need to understand the going rate on the current market, most especially for distressed properties, which often include repairs and other costs that aren’t associated with traditional home sales. Making an error on the asking price can cause the property to sit. That is the last thing you want when you’re facing the consequences that can come with going through foreclosure. You should be aware, when you are selling a distressed property, you can anticipate selling at below market value.
Listing a distressed property in Milwaukee on your own can be brutal! If facing the decision of selling your distressed property in Milwaukee on your own, the task can be daunting to say the least. Listing your home on the market is no guarantee that it will sell. Consider selling to Sparks Property Investors LLC directly instead and avoid all of the stress.