Selling a Home in Pre-Foreclosure in Grandview, MO
Selling a home in pre-foreclosure in Grandview, MO. Financial hardships can happen to anyone, but foreclosure is not the end of the road for homeowners. While losing your home and facing an enormous hit on your credit score is a difficult situation to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash property-buying company that purchases Grandview, MO homes in foreclosure. Our team is cordial and discreet. We can offer you an estimate just by looking at pictures, have a full offer for you once we do our own inspection, and close as quickly as you need us to – before the mortgage holder auctions off your home. Speak to a representative at (816) 368-8508 or get your offer online to get out from under your debt. Depending on how much you owe, you may even be able to have some cash left over.
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The Pre-Foreclosure Process in Grandview, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It typically happens in five stages:
- Payment default — You’re technically in default after your first missed payment, or once you pass your lender’s grace period. After each of the first two missed payments, your bank will likely reach out via letter or telephone. At this point, the lender will likely be willing to reach an agreement with you to pay off the delinquent debt. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, the lender will send you a notice of default, telling you how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law stipulates that lenders must wait 120 days from the first missed payment to start the process of taking your home.
- The lender officially begins foreclosure — If, after 120 days you haven’t caught up, the lender will begin either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender will file a lawsuit in court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must follow the rules set by Missouri statutes.
- Sale of the home — In either case, the house will then be auctioned off to the public. The lender will set a minimum bid which accounts for how much the home is worth, the debt that remains unpaid, and any fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to leave. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Grandview, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Grandview, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the past due payments, late fees, and any other charges associated with the delinquency. Once the loan is current you can continue making regular payments as outlined in the loan agreement.
You need to be aware that reinstating a loan does not forgive the past-due payments and penalties that were incurred, it just brings the loan current. If you cannot maintain the payments. It’s possible to take out a loan with a different company, but the interest rates will likely be high, and you’ll have to keep up with the payments in addition to your mortgage.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender in exchange for discharging your unpaid debt. Your credit score would not take a hit, and the lender wouldn’t have to deal with the nuisance the foreclosure process. The lender can then sell the property, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who are unable to pay their debts to either have those debts restructured or discharged. If you file for bankruptcy, you’ll still have to pay off the mortgage, but the timeline will be extended and will have a different payment plan. There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13.:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not be required to pay off your remaining debt if your home completes foreclosure, and you can remain in the home during the process for free. This is usually a way to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to hold onto your house. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to become current in three or five years.
There are many reasons that bankruptcy may not be a good choice. First, your entire financial life will be analyzed to see if you’re eligible. You’ll also have to pay many court costs and fees and hire expensive bankruptcy attorneys. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home and settle your outstanding debts with the money. There are two different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Grandview, MO home, the lender is required to consider it. In a short sale, the offer on your Grandview, MO home in pre-foreclosure is less than the amount you owe. A short sale can only happen if the lender agrees. In some cases, the bank may think the short sale offer would be higher than what they’d get at auction. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Traditional sale — If a prospective buyer offers more than the amount of debt you owe, you can accept that offer, pay off your debt with the money from the sale, and pocket the rest.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, but foreclosure only lasts for 45 to 60 days. According to research by the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 30-45 days to close, and that doesn’t account for the time it takes to prepare the house for sale. If you’re in pre-foreclosure, selling to an as-is, cash home buyer may be your best option. We can agree to an offer and close on your house within 30 days of our initial conversation.
How Our Grandview, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and always want to give Grandview, MO homeowners a stress-free home sale. We’ve bought everything from properties of houses in probate to homes with asbestos.
We buy properties “as-is,” which means that the condition of the property isn’t important to us as it would to a typical homeowner. You also don’t have to do open houses and wait to find a buyer. We can help you in selling your home in pre-foreclosure by:
- Giving our best possible offer fast — If you upload photos of your house, we can give you a same-day estimate. Then, we’ll schedule an inspection, where a member of our team will perform their own inspection. You don’t even have to wash the dishes before we show up. We always try to offer as much as we can for a property in Grandview, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Grandview, MO home being in pre-foreclosure is a trying time, and you may not want to leave your home. We’ll won’t make things any more stressful than they already are. We differ from other as-is home buying companies we have never written a contract that didn’t close because we didn’t fulfill its terms. We’ll show you proof of funds so you can feel at ease.
- Getting you money fast — While the bank would likely prefer it if you sold your home instead of them having to foreclose on it, they’ll still move to take over and sell the house as quickly as possible. We can help you sell your house fast. There’s no waiting for inspections, appraisals, or to find a buyer. As licensed real estate brokers, we can perform the closing ourselves, as soon as you need us to after we agree on a price.
- Saving your credit score — Having a home in pre-foreclosure does not effect your credit score. However, if the foreclosure is completed, it has a huge negative impact on your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can help you avoid the financial pitfalls of it getting foreclosed on.
Other services we offer in Grandview, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Cash Home Buyer
Selling Your Grandview, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are amiable and nonjudgmental, and can help you get out from under your debt and save your credit score. We’ll make a fair cash offer on the property, close on your home quickly, and help you with the legal and financial aspects of the sale. If your Grandview, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.