With Foreclosures on the rise and lending guidelines have tightened up, buying and selling properties have become a challenge. What options do you have when you are in foreclosure??
Determine if you have enough equity to sell the property.
- Call your lender to determine what the payoff amount is on your mortgage. Be aware of pre-payment penalties. If you order a payoff, your lender will charge you for it. Try to get a verbal at no-charge.
- Most agents will say that it will take 9-10% of the sales price to sell the property. We use 15% to take into account negotiations and repairs for the house.
Determine if you want to keep the property or just sell it
- If you want to keep it and can't afford the current payments we can request for a modification. If you qualify, the lender will modify your loan so you can get back on your feet to get the loan current. The lender will need a lot of financial information. This can be a very long process and calls back and forth. We have done this for our clients for a flat fee.
- If you want to sell it and have enough equity, keep in mind the time it takes to sell the property. Ask your Agent how long they predict the house to sell and what price would it take to sell quickly.
- If you need to sell it and don't have enough equity to sell it, we can submit for a short sale. This means that the lender will take less than what they have lent on it to get most of their money before it goes to auction.
WA Real Estate Solutions
Do you know any one who needs to:
-Sell their house AS IS at a fair price?
-Buy a property on our Rent-to-Own program?
-Invest in real estate?
We have creative WIN WIN solutions for everyone involved.