Owning a home can be a rewarding experience. But, in some circumstances, the burden and responsibility of home ownership can outweigh any of the benefits. If you’ve lost your job, you’re going through a divorce, you’ve racked up costly medical bills, or you’re enduring other hardships that are putting a strain on your finances, a mortgage can be just one more bill that you’re struggling to pay. It’s easy to fall behind on payments when life throws you challenges, and, if your course continues, your home could end up in foreclosure.
There are a number of reason you’ll want to avoid foreclosure. One of the biggest is that it cause serious damage to your credit rating, your buying power, and potential to purchase a home, car, or other big-ticket item in the future. There could be tax implications as well. Not to mention the mental and emotional stress it puts on you.
You’re likely here because you’re either under water with your house payments and you’re nearing default or you’re currently in foreclosure—and you’re wondering what, if anything, you can do. If you’re unable to negotiate a repayment plan, forbearance agreement, or loan modification, you might be surprised to know that you still have options.
One option that could save you some financial heartache is a short sale. Essentially, with a short sale, you sell your home and give the money to the bank. Even while your home is in foreclosure, you can still sell your home up until the point the bank takes possession of it or it’s sold at auction. A short sale should be considered carefully, though. If the sale of the home doesn’t cover what you owe on your mortgage, you may be obligated to pay the difference to the bank.
You’ll want to make sure you obtain permission for a short sale from your bank before proceeding. It’s important that you have an agreement with them that forgives the balance if your home sale comes up short of what you owe. Although not ideal from the lender’s perspective, it’s still often preferable to the foreclosure process, which costs them time and money, plus a host of legal woes.
Once you’ve done the paperwork and persuaded your bank to work with you on a short sale, you might think the next step is to hire a realtor. Not necessarily. The process of listing your home with a realtor costs you realtor commissions and time you may not have. Even though Florida has longer than average foreclosure timelines, there’s still no time to waste.
You might also be dealing with structural or cosmetic issues that could make your home undesirable. There’s a cost to making those repairs before selling—and there are also closing costs. This is money you likely don’t have, or you wouldn’t be in this situation in the first place.
There’s another solution. One that’s pain free, hassle free, and free of any out-of-pocket costs to you. If you’re in the Tampa Bay area—Pinellas, Paso, and Hillsborough Counties—KM Home Buyers will buy your house for cash.
Mark and his wife Kelly, the team at family-owned KM Home Buyers, understand what you and others in a foreclosure situation are going through. They’ve worked with many of their Tampa Bay neighbors to help alleviate the additional cost and time investment of selling a foreclosure home. They’ll assess your home and give you the highest cash offer possible. They’ll even buy your home no matter the condition, neighborhood, or other hazard. In fact, they specialize in ugly houses.
If you’re in default of your mortgage or the foreclosure process has already begun, don’t delay. Selling your home for cash is quick and easy:
- Call 813-213-4884 or fill out the online form to get started.
- KM Home Buyers will assess your home and give you a fair, no-obligation cash offer.
- Approve your purchase agreement.
- Close in as few as seven days. Yes, it can be that fast!
If it sounds simple, that’s because it is. Facing foreclosure is enough to worry about. KM Home Buyers will take the weight off your mind and your home off your hands—so you can focus on other needs and obligations in your life.
Remember, avoiding foreclosure will also avoid a major credit setback. You’ll likely wait five to seven years after foreclosure before you can buy another home. With a short sale, it’s only about two.
Ready to talk? Call KM Home Buyers today at 813-213-4884!