The process of foreclosure can be a scary one, especially after being financially unstable, which might have taken you to this tragic step of your house. Still, even after your house is being foreclosed, you can still get something out of it.
Many homeowners are not aware of this but– you can still sell your house in Phoenix if it’s being foreclosed. Once you give ownership to the mortgage company of your house, you still have the opportunity to gain something out of it.
In this article we will explain the process of foreclosure, and how to sell your house in Arizona if its being foreclosed.
What is foreclosure?
Foreclosure is the process that gives ownership of your house to the mortgage company. This happens whenever owners fail to pay their monthly mortgage or violate its terms. This is a scary and expensive process that takes a toll on both parties.
For the mortgage, the process of putting the house in auction can be lengthy, and expensive. For the owner, it can be devastating. Still, owners can still save their home whether that is by paying their debt, or selling it off before auction takes place.
Can you Sell Your House during the pre-foreclosure?
As mentioned previously, yes, you can still sell your house before your house goes to auction. But take into consideration that this is only during the pre-foreclosure period. If you lose your house after your house its foreclosed, and its owned by the mortgage company, you can’t no longer sell your house.
There are a variety of methods you can take if you risk having your home in foreclosure. One is to sell your house directly through a realtor by listing your house for sale on a webpage. This is not recommended since selling your house using this way can take months.
One of the best methods you can use to sell your house is by selling it through a direct buyer, such as HSE Buyers or Zillow. Direct buyers offer an estimated cash amount for your house, without the need of waiting months for your house to sell.
Another method will be to sell it directly to a home renovating team, which looks for homes to buy in order to fix them and then resell them.
Foreclosure is not the end of the world. It is painful, but there are still options you can take to your advantage. If your home is in the pre-foreclosure process, then you might still have the opportunity to sell it.