How to Sell Your Distressed House Before the Bank Does
By the time your house goes to auction, you are in the late stages of foreclosure with few, if any, options available. You may believe that there is nothing you can do to save your house or sell it to pay off your debt.
However, regardless of where you are in the foreclosure process, you may be able to sell your distressed house fast and stop the foreclosure altogether. Below, we look at how to sell your distressed house before it goes to auction - and what you can do after the auction.
What Is a Distressed House in Ohio?
A distressed house is a house that is on the verge of foreclosure. The property is in the late stages of the foreclosure process and is ready to go to auction. The reason the house is ‘distressed’ is that once it reaches a certain phase, it is almost impossible for you to recover the property.
There are three main things that cause a house to become distressed.
- The bank submits the foreclosure claim and proceeds to repossess the house.
- The bank can’t sell the house and ends up owning it.
- You agree to a short sale to get out of the mortgage agreement.
Can I Sell My House During Foreclosure?
Yes. You can sell your house during foreclosure.
While it may be easy to think that the bank is eager to take your house, lenders want to avoid foreclosure as much as you do. Too many foreclosures on the books are not good for any lending institution. Plus, they don’t want to deal with the hassle of selling or owning the house.
Why is this important? Because if you can sell your distressed house fast and get the cash to pay off the remaining balance, the bank will likely be happy to work with you. Even if your house is in the late stages of foreclosure, the bank will be flexible enough to reverse the process and stop the foreclosure if you sell your house.
What is the Fastest Way to Sell a Distressed House?
The fastest way to sell a distressed house is to sell it for cash to a company that buys houses in Cleveland, Ohio. A cash sale is simple and only requires a few quick steps.
- Step 1: Contact a company that buys houses in Cleveland.
- Step 2: Schedule a quick walkthrough of the property.
- Step 3: Get a fast cash offer in 24 to 48 hours.
- Step 4: Agree to the offer and schedule a closing date.
- Step 5: Sign the paperwork and get a check from the buyer.
Working directly with a buyer allows you to sell your house as-is for cash without hiring a real estate agent or listing the house on the market.
Why Can’t I Just Sell My House the Traditional Way?
Under normal circumstances, a traditional sale may be a viable option for you. However, if selling your house is a time-sensitive issue, trying to find a buyer the traditional way may not prevent foreclosure. On average, it takes 60 to 90 days to find a buyer. That timeline does not include repairs, inspections, and the closing process.
A cash sale directly to a professional home buyer speeds up the process considerably. On average it takes seven to 21 days to sell a house as-is for cash. Why so quickly? Because you eliminate the needless steps to a home sale - no repairs, inspections, marketing, showings, negotiations, or long closings.
Best of all, it costs you nothing to sell the house! You pay no closing costs or realtor commissions.
Attention: Don’t Forget About the Ohio Redemption Period
Like many states, Ohio law allows for a redemption period after the bank sells your house at auction. The only catch is that the redemption period is shorter than in other states. The period is also subject to your situation. So there is no set period timeline. The process looks like this:
- Following the \Sale, the sheriff has up to 60 days to notify the Court of the sale.
- The Court confirms the sale within 30 days of the notification.
- The time between the sale and the confirmation by the court is called the redemption period.
- During this period you have the right to buy your house back for the sale price plus any additional fees incurred during the foreclosure process.
- The redemption period may be as short as two days or as long as three months.
The good news is that you can still reclaim and sell your house within the redemption period. A cash sale speeds up the sale, giving you the leverage you need to sell your house.
Don’t Wait Until It’s Too Late. Contact Home Buyers Ohio Today to Sell Your Distressed House
Your situation may seem hopeless. However, it may not be too late to sell your distressed house. Contact Home Buyers Ohio today at 440-490-4600 to get a fast cash offer. Let us help you sell your house fast in Cleveland, Ohio.