Can I Sell My Kansas City House During Bankruptcy?
Once you file for a Chapter 7, 11, or 13 bankruptcy, you relinquish control of your assets to your creditors, the court, and a bankruptcy trustee. In most bankruptcies, your primary asset is often your home. However, you do not extinguish your mortgage when you keep your home. You will likely agree to a restructured payment plan that is manageable under your current financial situation.
Sometime during the bankruptcy process, you may decide that you no longer want the house. Instead, you want to sell it to avoid bankruptcy or as a means of paying off creditors. Either way, you will need to arrange with the trustee to sell your house fast on the market or to a local home buyer in Wichita. Selling your house may help you pay off your debts and avoid bankruptcy, saving your credit so that you can buy another house down the road.
How to Sell My House Fast During Bankruptcy
Whether you can sell your house and how you sell your house depends on your overall financial situation. After you file for bankruptcy, you may have to go through a waiting period of 14 to 21 days. Afterward, you coordinate the sale of your house with the bankruptcy trustee.
If you want to sell your house fast during bankruptcy, you need to file a motion to sell. A motion includes a house appraisal or other documentation to validate the home's value and a proposal for distributing the sale proceeds. If the trustee agrees to the terms of the sale, your proposal to sell will typically be approved.
Once you complete closing requirements, you must file a statement of sale with your trustee immediately. The statement of sale includes:
- The home's final sale price
- Closing-related deductions
- The balance turned over to pay off the mortgage
- Any remaining proceeds from the sale
Once you file this document, the trustee will order any payments necessary according to your proposal. You may need to pay creditors, make a down payment on a new home, or discharge your debt if the funds cover the costs needed to pay off your Chapter 13 repayment plan.
Do I Have to Sell My House the Traditional Way?
In a traditional house sale, you hire a realtor and list your house on the market. You may post the sale on an MLS site and put a for-sale sign in the front yard. However, during bankruptcy, you may not have time to make the necessary repairs/renovations, find a buyer, and go through the lengthy closing process. Chances are, you'll never meet the deadlines required by your bankruptcy trustee.
Thankfully, you do not have to sell your house the traditional way while filing for bankruptcy. You can work with a local home buyer in Kansas City and sell your house fast for cash. A home buyer can take a quick look at the property, make a fast cash offer (usually within 24 to 48 hours), and close on the sale in as little as seven days. You can sell your house as-is without making any repairs or renovations.
The Benefits of Selling Your House for Cash
Today, the real estate market is unreliable at best. There are no guarantees that you will sell your house, get the asking price you want, or make a profit after paying closing costs, realtor commissions, and repair costs. There are several reasons why selling your house for cash is a better option:
- You pay no closing costs, realtor commissions, or other fees.
- There is no reason to renovate, repair, or prepare your house.
- You can avoid listing or showing your house to potential buyers.
- Choose your closing date without waiting.
- We buy your house as-is – don't bother cleaning it.
- You work with a local house buyer in Kansas City.
- We make a fair, competitive offer just under your house's market value.
With all the benefits of selling your house for cash, you owe it to yourself to explore it as an option. Let us take your property off your hands. You walk away free and clear with no strings attached.
Sell Your House for Cash in Kansas City
Contact Kansas City Cash Closings today. Sell your house fast for cash in Kansas City and the surrounding area. We buy houses as-is in any condition. Call 816-659-2259 to schedule a quick, no-obligation visit with one of our local cash home buyers. Our company purchases property as-is in the following areas: