Can a Cash Sale Help Me Sell My Distressed House?
If you are behind on your payments and the lender files a foreclosure proceeding, it’s only a matter of time before you are in danger of losing your house. However, you may be in a financial situation that prevents you from catching up on your mortgage payments. Eventually, your house will become distressed.
However, it’s not too late to sell your distressed house fast even after the bank has sold it at auction. You can sell your house as-is for cash to a company that buys houses in Kansas City, Missouri. Selling your house for cash is easy, and it’s the fastest way to get out of your mortgage without facing the consequences of foreclosure.
What Is a Distressed House in Missouri?
In the simplest terms possible, a distressed house is a house that is a step away from foreclosure. Once the bank forecloses on the house, the lender attempts to sell the house at auction. If the lender cannot sell the house at auction, they will hold on to the house until they find a buyer. Lenders often hire a real estate agent to sell the house so that they can get it off their books.
Contrary to popular belief, banks and other lending institutions do not want to repossess your houses. Too many foreclosed homes can hurt a bank. Plus, they have to deal with the hassle of trying to sell the house at a discounted price. So, if you can sell your distressed house fast, the bank is likely to work with you - especially if you do a cash home sale to pay off the mortgage quickly.
Can I Still Sell My House After It Sells at Auction?
While there are a few factors to consider, it is possible to reclaim your house and sell it even after it sells at auction.
In Missouri, if the lender purchases the home at the foreclosure sale, the redemption period lasts for one year. If someone else buys the property at the sale, however, you don't get a right of redemption. To redeem the house in Missouri, you have to give written notice of your intent to redeem at the sale or within ten days before the sale and satisfy a bond requirement.
Once you give written notice, you can sell the house for cash to a company that buys houses. After you close the sale, you can pay back the lender and close the mortgage. Lenders are more than happy to work with you in a cash sale. They would rather recoup their money than keep the house.
How Do I Sell My Distressed House Fast?
You can get cash for a distressed house without hiring a real estate agent or listing your house on the market. This type of sale is known as a cash sale. Here’s How It Works:
Contact a Company That Buys Houses
The first step is to contact a company that buys houses in Kansas City, Missouri. Find a local home buyer that is willing to look at your property. Fortunately, home buyers are willing to buy your house as-is. You make no repairs or schedule any inspections regardless of the condition of the property.
Get a Fast Cash Offer for the House
Once the buyer does a quick walkthrough of the house, they will make an offer. Most offers are just under the current market value of the property. Plus, you don’t have to wait to get an offer. A typical home buyer will make a cash offer within 24 to 48 hours of looking at the property.
Accept the Offer and Close the Sale
If you accept the buyer’s offer, you schedule a closing date. You meet with the buyer to sign the papers. Most buyers will pay up to 100 percent of the closing costs. They give you a check, and you walk away with no strings attached. From there, the buyer assumes responsibility for the house. You pay the bank and get out from underneath the distressed house.
Get a Fast Cash Offer from Kansas City Cash Closings
If you’re in a tight spot with foreclosure and need to sell your distressed house fast, contact Kansas City Cash Closings. We buy houses as-is in Kansas City, Missouri. Call 816-659-2259 to get a fast cash offer.