Options to Avoid Foreclosure in Marietta
When we first buy a home, we think about the decor, barbequing in the backyard with friends, and the good times to come. We do not dream about facing foreclosure. However, circumstances beyond our control sometimes makes this an unfortunate reality, creating a
very stressful situation. Foreclosure can be a dark stain and linger for years on your credit report.
There are several options to avoid foreclosure, including but not limited to, working with your lender to restructure your payments, refinancing your home, considering a short sale, signing a Deed-in-Lieu of Foreclosure, or selling your home.
As often is the case with foreclosures, time is of the essence. Whereas most of these options could take time you don’t have, selling your home might be your best route.
Traditionally selling your home typically involves a real estate agent. With this route you may have to 1. repair your house to be saleable (takes money and time), 2. compete with other similar homes in your neighborhood, 3. compete for your realtor’s attention, and 4. finally pay a sales commission (approximately 6% of the sales price) regardless of how long it takes to sell the home.
You could cut out the middle man and sell the home yourself (For Sale by Owner). There are advantages to this including saving money on fees and setting your own price in order to sell the home faster. However, with this come the disadvantages…you will have to be responsible for 1. advertising, 2. showings of the home, 3. negotiations, 4. inspection communications and repairs which can be costly and time intensive if the right contractors are not found, and 5. the multitude of steps and communications with everyone associated with the sale. So while this method will save you money, it will also consume time and energy, possibly for months on end. And once you find a buyer, it will not end there. If they are not a cash buyer, you may spend time waiting for the buyer’s financing to go through.
Alternatively, you can sell your home to a Real Estate Investor. Investors can buy your house:
- in As Is Condition (you do not have to make any costly repairs),
- make all Cash offers (you do not have to wait for a lender to approve a loan), and
- can close quickly (or on your timeline) with licensed attorneys so that you can move on to do what you choose next.
Investors work hard to make the process simple, easy, and as quick as possible for sellers. If you or someone you know needs to sell their house quickly, and live around the Greater Atlanta area, see if Blu Flower Homes can help you.