Pre-foreclosure vs. Foreclosure
You go into pre-foreclosure when you’ve missed about three months’ worth of mortgage payments. In this situation, your lender will notify you that you are in pre-foreclosure. Though this is alarming, the key thing to remember is that the property is still yours at this stage. That means you are free to modify or sell it as you please. When the property is in actual foreclosure, the bank (your lender) takes over ownership of it, usually reselling it in order to make up for the outstanding payments. Pre-foreclosure is a long enough process that you do have options when it comes to avoiding foreclosure altogether, and the best option is usually selling the property.
What Happens When You Sell?
What’s the point of selling the property to avoid foreclosure? I’ll just end up losing it either way. That’s a good question, and the answer is simple: foreclosure is when the property is taken from you; selling is your choice. That may seem like semantics, but it really matters: when you choose to sell a property instead of foreclosing, you avoid the lasting damage that would otherwise be done to your credit. You allow yourself to have better living options in the future by not ruining your credit score and having a foreclosure on your background check. If you’ve owned the house for a long time and have built up equity, you also have the chance to walk away with thousands of dollars even after paying off your mortgage and fees. That’s a huge difference in circumstances and opportunity, and it’s completely yours to choose.
The Truth About Selling Your House for Cash
Selling your home for cash is very compatible with pre-foreclosure for a few reasons: it’s faster than the traditional real estate process of listing the house with an agent, which takes an average of three months in Florida. It’s also more straightforward: you don’t have to deal with back and forth negotiations with buyers, inspections, appraisals, and last-minute repairs or expenses. Selling your house for cash (when you work with a buyer you can trust) is easy, fast, and fair.
How PlacePitch Makes It Easy
Working with PlacePitch to sell your house for cash gives you a great cash offer that’s based on market numbers as they develop in real time. It also gives you something priceless: peace of mind. Because our offers are based on data, not opinions, you can count on getting the best cash deal possible. You can also trust our pledge never to charge you commissions, closing costs, or any last-minute fees. The quote you get from us is the payment you get, plain and simple. Our three-step process can be done in as little as one business day – or whatever timeline works for you – and is designed to be as quick and easy as possible for sellers who are in a time crunch. No matter how your timeline looks or what your circumstances are, we’ve got your back.