If you’re a homeowner experiencing foreclosure and you’re looking for a way out, then you can negotiate with we buy houses Birmingham Alabama. We’ll give you more information on how to go about it in this guide.
Many homeowners who have experienced the situation of foreclosure would agree that it can be such a tricky and frustrating situation. Having a house with a pending foreclosure can mean bad news especially when something isn’t being done about it before the end of the pre-foreclosure period. The homeowner stands the risk of having their home foreclosed by the bank or lender and sold off at an auction.
However, the good news is that cash buyers can help house owners who have a pending foreclosure by buying off the house and paying off the mortgage loan levied on the house. So, if you’re a homeowner experiencing foreclosure and you’re wondering how you can negotiate with we buy houses Birmingham Alabama to solve the problem, then read on to know more.
What is a Foreclosure?
Simply put, a foreclosure is a situation where a lender has the right to legally reclaim a mortgaged property when the mortgagor fails to pay or meet up with their mortgage payments.
This usually occurs when there are mortgage loans piled up and left unpaid. When this happens, the lender, which in most cases is a bank or any other financial institution, forecloses the house and sells it off at an auction in a bid to get the loan cleared.
Furthermore, the occurrence of foreclosure usually happens when a buyer purchases a house via the traditional method. In other words, it happens when a buyer has to seek financial aid by obtaining a mortgage loan to purchase a house.
How Can A Cash Home Buyer Help?
Here’s the catch, cash home buyers can also come in handy when you’re experiencing a foreclosure. They are stable enough and available financially. Hence, the reason why they can buy your house before the bank forecloses your house.
Moreover, bear in mind that a foreclosed house may or may not yield much depending on the house type, time on the market list, location, and others. You must also note that getting rid of your foreclosure needs to happen with the approval of your lender before you go ahead to negotiate with cash buyers like we buy houses Birmingham Alabama.
What To Do As A HomeOwner Experiencing Foreclosure
Having a foreclosure can be a sticky situation but the good thing is that you can negotiate with a cash home buyer to help you get rid of it.
However, note that in most cases, the buyer has to wait for the lender/bank to approve the offer if it so happens that the house has already been foreclosed by the lender.
You should:
- Get in contact with a reliable cash home buyer, preferably, and tell them about your home.
- Be patient. Give the cash buyer time to carry out the analysis of your home based on the information you’ve provided and wait for an offer.
- Review the offer proposed thoroughly and seek legal aid from an attorney if possible to be sure there are no contingencies and to verify their proof of funds if need be.
- Once you’ve been able to successfully go through the contract and it seems satisfactory to you and the buyer, you can go ahead with the sale. Be sure to negotiate calmly and intelligently. Request for your attorney if you need more clarification on the negotiation process.
- Be sure to close at a title/escrow company and see to it that the closing process is done properly.
Remember that your house is facing a foreclosure, so you shouldn’t overprice or negotiate rudely or unprofessionally, as this would only complicate the house sale process and increase the risk of having your house foreclosed by your lender.
Experiencing Foreclosure And Need A Cash Buyer? Choose Chase Buys Houses We Buy Houses Birmingham Alabama
At Chase Buys Houses, you don’t have to worry about the foreclosure process. We’ll buy your house as-is, at a fair cash offer, fast closing time, and with no extra fees.