Facing foreclosure is scary. Seeing the notices that you are about to lose your home and ruin your credit is something nightmares are made of. What if you could limit your losses, though, and avoid foreclosure in Lowell, Massachusetts altogether?
It may be possible. If you sell your home at just the right time, you can outrun a foreclosure and save your credit. While your credit may have suffered already due to your missed payments, it hasn’t completely plunged because of a foreclosure.
If you want to save your credit score, you’ll have to act fast using the steps below.
Learn How to Sell Your Home
What’s the risk in putting it of the market? Everything is the risk. There are no guarantees that your home is going to sell fast or at all. In the meantime, the bank has the right to keep pursuing foreclosure. As more time passes, it becomes imminent that the bank will take over your home, kicking you out of it and making it impossible for you to sell it and save yourself.
What if your home sits on the MLS for months on end? Even if you get lookers or ‘window shoppers’ but no bids, it doesn’t help you. Even if you get a bid and sign a contract, there’s still no guarantee the transaction will go through. What if the buyer’s financing falls through? You are right back at square one.
When you sell to a cash buyer or direct buyer, there’s a lot less red tape. You get a direct offer and a closing date that is typically within a week or so. That means you can outrun the foreclosure proceedings because you’ll be able to pay your loan off in full with the cash paid for the home. Yes, cash offers are sometimes lower than what you’d ask listing it on the MLS, but what’s the better option? You either ruin your credit or make slightly less for your home.
Create a Plan
Once you decide to sell your home in Lowell, Massachusetts to a cash buyer, you need a plan. Like we said above, the process will move fast, which is what you need when you face foreclosure. You’ll get a bid, accept it, and close on the home quickly.
Before you accept the offer, consider your plan. Where will you go? Are you packed? Do you have movers? Things may move a little quicker than you anticipated, so make sure you are completely ready. When you get that offer, you want to jump on it so that you can pay your loan off and avoid the negative consequences of foreclosure. We know this can be an emotional time, so make sure you give yourself plenty of time and space to process everything that is going on while you make the move to get out of your home and pay off your loan.
Move Fast But do Your Research
The key is to move fast. Once banks start the foreclosure process, it can be unpredictable and even move fast. It’s not worth taking a chance. Once you commit to selling your home and preventing the foreclosure, you have to find the right company that will help you through the process while giving you top dollar for your home.
Don’t make the mistake of selling to just anyone. Do your research, but do it quickly. Find a company that is honest, helpful, and understands your situation. You want a company that will pay you a fair price for your home while helping you get out of the situation you’ve found yourself in.
Avoiding foreclosure in Lowell, Massachusetts is possible with the help of the right company and with fast action. If you find yourself facing foreclosure, call the experts that can help you sell your home for top dollar and faster than you thought possible today! We’ll help you avoid foreclosure and prevent too much damage to your credit score with our swift and expert services.