A foreclosure situation can be frightening, to say the least. You may end up losing your house and still owe money to the bank. You probably cannot avoid defaulting on a payment, but what’s important is your reaction to the situation. If you’re likely to face foreclosure, here are some of your options and reasons why you should choose us:
A short sale:
If your lender agrees to a short sale, this is a legitimate solution to avoid foreclosure. By definition, a short sale is a situation where the house is sold for less money than what is currently owed by the borrower. They’re common in a buyer’s market or when home sales aren’t a lucrative as the seller would want. While a short sale may seem a feasible solution, that’s not always the case. Sometimes, the lender may require you to sign a promissory note wherein you agree to pay for the difference between the sale price and the amount owed. This promissory note can be enforced even when the borrower moves to another state. Besides, short sales have a negative effect on your credit report.
Deed In Lieu Of Foreclosure:
Depending on how much you owe to the lender, banks often allow you to sign a deed in lieu of the money owed. Thus, you give up all claims and pass on legal ownership to the lender. But this too has a negative impact on your credit report and affects your chances of borrowing in the future.
A foreclosure is the last option left and certainly not an ideal one. For one, you’ll have to take a hit on your credit scores. The foreclosure stays on your credit report for up to 7 years, although the impact lessens over time.
Sell your house to us:
We buy houses in Las Vegas where owners are desperately looking to avoid foreclosure. We’ll pay in cash and offer a fair value for your property. Unlike the other procedures mentioned above, you don’t have to waste time or money on repairs. Can I sell my house fast in Las Vegas? Yes, we’ll close in one week or less. And the best thing about this is that your credit scores aren’t affected at all.
Looking to sell your house fast? Contact us!