Can I Sell My House to a Bank?
People are often curious if it is possible to sell your house to a bank. You may be one of them. The simple answer is yes, you can sell your house back to your mortgage lender. Or rather, you can sign your home back to your mortgage lender. This is an option in the foreclosure process known as “deed in lieu of foreclosure.”
This means that you are giving your house to your mortgage lender so they don’t legally take it and require you to move out as they legally own it until you pay off your mortgage. This process gets your home out of foreclosure, but it also leaves you without a home. For some, this can mean homelessness.
This can be some scary and dark times in the lives of homeowners who have fallen on hard times and now must make big and tough decisions. If you don’t want to sign your home back over to your mortgage lender, there is another option. That option is to sell your house for cash. While you will make less than if you were able to sell your house on the market, that can be tough to do with your house in the foreclosure process. But a cash sale is a sure thing and it’s immediate.
Some homeowners are able to pay off their mortgage from the money they receive in their cash sale, and then make a down payment on a new home. It will be very hard to ever get a mortgage again if your house is foreclosed upon and reclaimed by a lending institution.
This article will cover what you need to know about selling your house to a bank and how to avoid that through a cash sale.
Selling Your House Back to the Bank
When your house is in the process of being foreclosed upon, the bank or lending institution that holds your mortgage will usually require you to sign documents known as a “deed in lieu of foreclosure.” These documents get your home out of foreclosure while also “ridding you of your home” which means you will no longer be able to live there. When you sign away the deed, you are promising that you will vacate your home, usually within 30 days.
This takes away your power as a homeowner as you agree to sell your home to a bank. This can be an unfair deal, but sometimes it’s what you must do to save your credit and move on with your life.
Settling Up With Your Mortgage Lender
You may owe taxes and fees that need to be paid in order to officially sign over your house or property to the lender through the deed in lieu of foreclosure. You will need to figure out all the costs, but this can include your local county recording fee, the state’s recording fee, back taxes you owe on your home, attorney fees, and other fees that are incurred during the process.
Selling Your House for Cash
The entire foreclosure process is taxing on everyone involved. It can permanently crush your credit and it can leave you stranded. But it doesn’t have to end like that. You can sell your house for cash instead. Even if your home has already entered the foreclosure process, you can sell it for cash today. You can then use the money you make in the cash sale to pay off all or most of your mortgage, allowing your credit to be spared. Selling your house for cash can give you a clean slate to start over again with the opportunity to get a mortgage again in the future.
Here’s what the process looks like when you sell your house for cash.
No Agent. No Problem
One of the best things about selling your house for cash is that there are no fees. The bank you would be selling your house to can’t say the same. Neither could a real estate agent that would help you sell your house on the real estate market.
There are no commissions or fees that you will have to pay as a cash seller. This saves you a ton of money and can help you keep more profits for yourself.
Faster Way to Sell Your Home
The process is fast. Much faster than selling your house on the real estate market, which can take weeks if not months. But when you sell your house for cash, the process is quick and easy.
No Hassle Selling Your Home for Cash
Selling your home for cash will get you out from under the stress of foreclosure while also keeping your credit in good standing due to a sale rather than a foreclose. This can be helpful if you want to buy another home in the future. It’s also much easier than trying to sell through the real estate market, which could leave you struggling to get out of foreclosure if it takes too long for someone to buy your house.
Avoid Foreclosure – Sell Your Home for Cash to Quick Fix Real Estate
Get out from the heavy burden of foreclosure and sell your house for cash today to Quick Fix Real Estate. Instead of selling your house to the bank you can schedule your free, no-obligation home inspection. That will lead to a real cash offer made on the spot. You can then close on the date that works best for you and we can have a check in your hand as soon as today. Contact us today to get your cash offer.