CAN I SELL A DISTRESSED PROPERTY TO AVOID FORECLOSURE?

If the bank repossessed your house and plans to sell it at auction, you may be convinced that there is nothing left you can do. However, you may still have options if the house has not sold. Selling a distressed house may be difficult if you try to list it on the market and go through a realtor. Your best option may be to sell your house fast for cash to a local home buyer in Tacoma, WA.

A home buyer can make a fair cash offer and close on the sale in as little as seven days, giving you time to pay off your mortgage before the house goes to foreclosure and gets sold by the lender. Plus, you don’t have to sink thousands of dollars into repairs, closing costs, and realtor commissions. Before you give up on your house, contact a local home buyer to discuss your options. 

WHAT IS A DISTRESSED HOUSE?

A distressed house is any property that is under foreclosure or being sold by the lender. Normally, a distressed property results from a homeowner who was unable to keep up with the mortgage payments and/or tax bill on the property. It is common for a distressed property to be sold below market value. Not all distressed properties are repossessed due to late payments. Lenders may seek to repossess a property to protect their investment.

There are three main types of distressed properties.

Foreclosures

A distressed house occurs as the result of a foreclosure. The homeowner stops making their monthly mortgage payments.  The bank forecloses on the home and repossesses the property. Occasionally, the lender may accept a deed instead of foreclosure to assume ownership. In the case of a foreclosure, lenders are often anxious to sell these homes quickly, under state laws.  

REO Properties

Properties that do not sell at foreclosure auctions are known as real estate owned property (REO properties). Lenders do not typically want to maintain or repair these properties and may be willing to sell them at a discount. Investors often purchase these types of properties with the intent of reselling them.

Short Sales

A homeowner facing foreclosure may agree to a short sale. The homeowner owes more on the mortgage than the home is currently worth. In this situation, short sales are a more attractive option for the owner. A short sale happens when a buyer purchases the distressed property for less than what the current owner owes on the mortgage.

HOW TO SELL YOUR DISTRESSED HOUSE FAST FOR CASH

Tacoma Cash Offer takes the burden out of selling your house the traditional way. If you want to avoid needless repairs, listing & showing costs, and closing costs, then follow our three-step process for a fast cash offer.

1. Contact a Local Cash Home Buyer

We are local home buyers that live in the Tacoma, Washington area. Simply call us, and we can schedule a quick visit to your property. Tell us the details of your property and let us assess your house.

2. Get a Fast Cash Offer

If we decide to buy your property, we’ll make a cash offer. Although we do not pay 100 percent of your home’s market value or your asking price, we will make you a fair offer. Plus, you receive cash for your home without all the hassle.

3. Schedule Your Closing Date

If you accept our offer, then we schedule a closing date. You can have cash in your hands in as little as seven days after closing. Plus, we pay all the closing costs! Selling your house for cash has never been easier.

CAN I SELL MY DISTRESSED PROPERTY?

If you live in Washington, you may be eligible for a redemption period after the bank repossesses your house. Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.

Additionally, if the home has not gone to auction, you can also sell your house fast during the redemption period. The period may last between one to six months, giving you very little time to list the house, find a realtor, make the necessary repairs, and show the house to multiple buyers. You can bypass this process by selling to a local home buyer in Tacoma. When you sell your house as-is to a local home buyer, you can close the house in as little as seven days. If you pay off your mortgage, you can cancel the foreclosure and save your credit.

WE BUY HOUSES AS-IS REGARDLESS OF YOUR SITUATION

If you are looking to sell your house fast, going through a realtor may not be your best option. When you work with Tacoma Cash Offer, you can sell your house regardless of your current situation. We buy houses for cash in all types of circumstances, such as:

WORK WITH LOCAL HOUSE BUYERS IN TACOMA, WA

If you get a call from an out-of-town home buyer, they may make a quick offer over the phone without even looking at the property. They may also ask you to commit to selling them by asking you to sign a contract. However, out-of-town buyers may make a lower offer on the house after they’ve seen the property, putting you in an awkward situation.

We understand the local market, know the people in the area, and understand the challenges of selling your home. We never make an offer before looking at the property. And, once we make an offer, we stick with it. You work with a local home buyer who makes it as easy as possible for you to get out from under your mortgage or sell your house as-is fast. 

WE BUY HOUSES AS-IS IN THE FOLLOWING AREAS

Sell My House Fast in Tacoma, Washington

If you need to sell your house fast, then contact Tacoma Cash Offer today. We pay 100 percent cash, close in as little as seven days, and help you avoid unnecessary fees. Call us at (253) 300-2897 to schedule a quick walkthrough with a local cash home buyer.