Can I Sell My House When I’m Filing Bankruptcy in Ohio?
Filing bankruptcy can be a financially jolting time in your life. You may be looking for other possible solutions that help you avoid bankruptcy. One possible solution that can help you avoid bankruptcy is to sell your house as-is for cash to a company that buys houses in Cleveland, Ohio.
A cash home buyer can make a fast cash offer and close the sale quickly, giving you the cash you need to pay off your mortgage or other debt. If you can pay some or all of your debt, you may avoid bankruptcy, which can save your credit and open the door for another home purchase down the road. Before you file bankruptcy, contact a Cleveland house-buying company to discover the benefits of a cash home sale.
Can I Legally Sell My House During Bankruptcy?
You can legally sell your house during bankruptcy. However, you will need to work out the details with all interested parties. Your bankruptcy case is unique. So the process may be different for you, as it is with each person in your situation.
Make Sure All Parties Are Informed
The first step in selling your house during bankruptcy is to contact all interested parties, such as
- The court/judge in charge of the case
- Your bankruptcy trustees
- The lawyer handling your case
- The mortgage company
- The local home buyer
When you communicate with all parties, you involve them in the process so that there are no surprises. Most parties will be willing to negotiate the terms of the sale or how much money they receive from the payout.
Don’t Wait to Sell Your House Fast
If you are going to sell your house fast during bankruptcy, you need to speak with a local investor as soon as possible. Fortunately, a home buyer can close on the sale in as little as seven days. You can also avoid appraisals, inspections, finding a buyer, and a long, drawn-out closing process. The sooner you get started, the sooner you can get cash in hand to pay off debts.
Submit a Statement of Sale
Once you close on the house, you need to provide your attorney with a statement of sale. The statement provides key information such as the home’s final sale price, closing-related deductions, and how much is left over from the sale. You are also required to make any trustee-ordered payments during the motion to sell phase.
Discharge Your Debt
If the profit from the sale can pay off your mortgage or other debt, you can expect a discharge of your bankruptcy shortly after the sale. The trustee will order the discharge, which will be signed by a bankruptcy judge and sent to you in the form of a final decree. This document is important to keep, as it proves you are out of bankruptcy.
What Are the Benefits of a Cash Home Sale During Bankruptcy?
There are several benefits of selling your house as-is for cash during bankruptcy.
- Close the sale of your house in as little as seven to 21 days.
- Make no repairs or upgrades - do not have to clean or stage the house.
- Skip the realtor and avoid paying realtor commissions.
- Get the cash you need to pay your debt.
- Sell to a pre-qualified, committed home buyer.
The court is more likely to work with you on the sale of your house if you can demonstrate a guaranteed sale from a reputable home buyer.
Sell My House Fast to Avoid Bankruptcy in Cleveland, OH
Before you contact the realtor or list your house on the market, do not pass up the chance to sell your house as-is for cash. Home Buyers Ohio is here to help you find the simplest solutions to get cash-in-hand quickly without wasting time and money on repairs and closing costs. To get a fast cash offer, call 440-490-4600.