Hi there, Carter here with CB Home Solutions, and I’m creating this video today on selling a property in pre-foreclosure. Now you might be wondering what does that mean? What is pre-foreclosure? Well, a brief explanation is it is from the time that you have quit making the payments on your mortgage to the time that the house is foreclosed on or sold at sheriff’s sale. That timeframe is called pre-foreclosure or is referred to as pre-foreclosure. Now prior to a sheriff’s sale you can still sell your property if you’re looking to do so. You can stop the foreclosure process, you can negotiate a short sale, you can negotiate with your bank to do a loan modification, and there’s a plethora of other solutions.
So what I am doing today is just explaining a little bit about how to sell a property in the pre-foreclosure stage. So first thing’s first. It depends upon the amount of equity that you have. In some cases, you may be underwater on the property, which means that you owe more than what the current house is worth. An example would be say you owe $90,000.00. The house on the market is only worth about $80,000.00 or $85,000.00. So you owe more than the actual value. In that certain situation your only option would be to negotiate a short sale with the bank. This is possible. You need a short sale specialist to help you out with this. And at some point in time it will need to be put on the market with a realtor, which we can help you out with in order to start that short sale process.
Now if you do have equity in the house, we might be able to do a loan modification, which means you would be able to stay in your house. You wouldn’t have to leave. You wouldn’t have to move. You wouldn’t have to pack up all your stuff. You can comfortably stay living there, but you do need to meet the certain criteria of your lender, and they will explain that in more detail to you if that is a solution.
And the next would just an outright sale, if you have equity. Meaning say the house is worth $120,000.00 fixed up. You only owe $40,000.00 but for some reason you fell behind on payments, a family issue came up, whatever it may be, and you’re looking to get, say, $60,000.00 for the house, or $70,000.00. Well in this particular situation we at CB Home solutions can still buy the property outright from you. We can go back and forth and agree upon a fair price for the property in its current condition, and we would be more than happy to close that sale in as little as two weeks.
So we buy houses throughout the Fox Valley area. We buy houses from Fond du Lac through Green Bay, and actually down in the Greater Milwaukee area as well. If you have questions about how we buy houses or how you can sell your house fast, or avoid foreclosure, please fill out the form down below. I’ll reach out to you in as little as 10 to 15 minutes. We can have a brief phone conversation, and I will talk to you very soon. Thanks so much for watching you guys, and I hope you found this beneficial.