When You Must Sell Your Real Estate
Sometimes a life emergency happens, where you must look at liquidating some real estate to cover some unexpected costs. Or you’ve gotten a new job, want to be closer to family, might be separating from a spouse, downsizing, inherited a home, have a rundown rental you’re tired of operating. Do you want to sell the easiest way possible?
Get A Firm Cash Offer and Sell Your Home As-Is
ROCK Properties can give you a firm cash offer with a quick close, no repairs, no Realtor fees, no inspections, no closing costs and buy your home as-is on your schedule.
- Contact Us
- Talk to us about your needs and schedule an in-person walk-through of your property.
- Receive an Offer
- Our agent will give you a firm cash offer to consider after the walk-through and property analysis.
- Sell your home
- Our agent will assist you through the closing process and choose a move-out date that works with your schedule.
As a Realtor, we know Austin real estate, and we are able to give up our commission to get a deal done. We will also pay your closing costs and don’t require a formal inspection or appraisal. If you are interested in getting a cash offer today, please give me a call or text (512) 850-4510 and I will get back to you right away.
Distress Sale
Distress sales occur when the seller needs to sell an asset urgently, often to pay debts or medical expenses or for other emergencies. A forced sale is an involuntary transaction in which the sale is based upon legal and not economic factors, such as a decree, execution, or something different than mere inability to maintain the property. If the sale is made for purely economic reasons, it is considered voluntary.
Divorce Sale
Selling your home during or after divorce is something we understand. The first priority is that your real estate agent will double as a mediator. People going through a divorce are coming to the table with mistrust, fear and anger and require more hand-holding. You should find an agent with experience in a divorce sale to help sell your home.
Like with any home sale, your first step will be to find an agent to help you sell your home. It’s worth it to find someone with experience working with separating couples, a situation that presents some unique challenges. Find an agent that you both can trust and feel comfortable with, so that as the process goes on, neither of you feels that the agent is on the other person’s side. It requires the experience and ability to deal with high emotionally charged conversations, being able to be diplomatic. Equal abilities on both the soft skills than the technical skills are required.
Mortgage Forbearance
Forbearance is when your mortgage lender allows you to temporarily stop making payments or reduce the amount you have to pay towards your mortgage. For example, if you have a 1 year forbearance period, you would not be required to make any payments during that time and won’t face any of the normal repercussions like penalties and damaged credit, though you can make optional payments at any time.
Can I Sell My House While In Forbearance?
There are no restrictions on selling your home that are imposed by forbearance. However,it is important to note that forbearance is not the same as forgiveness – you are still responsible for making up any skipped or reduced payments. You do still owe the lender for any missed payments, so you can expect to see that amount come out of any proceeds you’d receive from the sale of your home. It’s best to not wait too long and possibly see your home going into foreclosure and risking time lost. Selling during forbearance is much more beneficial than getting into a foreclosure situation which can ruin your opportunities for buying a home for many years to come.
As long as your home is worth more than you owe the lender, you’ll have no issues selling the property. However, if you owe more than the home is worth, whether in forbearance or not, you’ll have to work with your lender to do a short sale or deed in lieu of foreclosure. The foreclosure process is very expensive, so lenders are often willing to negotiate in order to avoid having to go through the foreclosure process which is something you want to avoid as well.
What Is A Short Sale?
A short sale refers to the sale of real property for an amount less than the amount owed on the property. In the short sale scenario, the bank agrees to accept less than the full balance due on the debt, and usually ‘forgives’ all or a large portion of the difference. A short sale allows a financially distressed homeowner to sell the property before the lender seizes it in a foreclosure.
All of the proceeds of a short sale go to the lender. The lender then has two options—to forgive the remaining balance or to pursue a deficiency judgment that requires the former homeowner to pay the lender all or part of the difference. In some states, this difference in price must be forgiven.
Key Takeaways
- A short sale usually indicates a homeowner in financial distress, a real estate market in the doldrums, or both.
- The short sale must be approved in advance by the mortgage lender.
- The former owner may be required to pay the shortfall or the debt may be forgiven.
- The financial consequences of a short sale may be less severe than a foreclosure for both the seller and the lender.
- For a home buyer, a short sale can be a good opportunity if approached cautiously.
Frequently Asked Questions
Sometimes we run across sellers that feel they either need to foreclose on their home, just get out, and/or do a short sale. If you feel your mortgage is becoming too overwhelming or you are behind on payments, know that there are solutions out there to help. You may have an option to get out of your home without getting a foreclosure on your record or costing you a lot of money.
If you are thinking it’s time to consider selling your home due to forbearance, divorce, short sale or other situations you should give us a call as we have a lot of experience working with the lenders to help homeowners in this situation. We’ll sit down and discuss what your home is worth and the various options for selling your home. We’ll help you talk to your lender about your financial situation your lender will calculate how much you owe and provide your pay-off instructions.
Contact us or give us a call to learn more about short sales and other real estate services and offerings and to talk through your selling options. We are here to help and offer confidential consultations.