Can I Sell My Home If It's In Foreclosure – Posted by Amy Kite on Monday, September 26, 2022 at 11:45 am by Amy Kite / September 26, 2022 Comments
It’s no secret that we’re seeing changes in the Chicagoland housing market as interest rates rise and buyer demand slows. Fortunately, there are benefits to selling in a slow seller’s market. We’ve covered the top reasons why selling a home in Chicagoland now might be a better option than waiting to see what happens in the new year.
Can I Sell My Home If It's In Foreclosure
We’ve all seen housing inventory grow in Illinois and across the country this year, as mortgage rates continue to rise in the wake of COVID-19. While this may sound negative to anyone preparing to sell their home, there are benefits waiting for you when you buy after selling your home.
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If you’re selling your home because of an upcoming move, that means you’ll have plenty of options when it comes to buying your next property. This gives you a great opportunity to find a home at a competitive price. So, if you have been waiting to move because of the lack of housing inventory, it is good to know that there are more options than last year, and the bidding war has slowed down a lot. While you may have to wait longer to sell, you won’t face repeated disappointments and price hikes when moving into a new home.
While the number of homes for sale this year has increased, it is still a seller’s market. We may not see historical inventory in 2021, but the number of available properties is still low. For example, in a typical market, we are considered to be in a balanced market when there is enough housing inventory to meet buyer needs. This means there should be about a six month supply of housing. According to the National Association of Realtors (NAR) July report, there is only enough market to cover about 3.3 months.
While you will have more options to find your own home, inventory is still low, and that means your home will sell quickly if you price it right. Here you have an experienced Chicagoland real estate team on your side. According to NAR, in July the average house is sold in some as 14 days with many offers to choose from.
Record increases in home values over the past few years may increase your equity. Danielle Hale, Chief Economist at realtor.com, explains:
Should I Sell My House?
“Homeowners trying to decide whether now is the time to list their home for sale are doing well in many markets across the country as a decade of rising home prices is giving equity a close . . .”
If you’ve been waiting to sell your home because you’re worried about how rising prices will affect your next home search, don’t forget to factor in the equity you’ve got in your home now. In most cases, it’s enough to cover a large down payment on your new home, keeping your payments low. The sell high mantra – buy high is your choice to wait until the price falls which means you will sell low in order to buy low.
If you are planning to sell your Chicago area home, give us a call. We are happy to discuss your options and help you weigh the pros and cons of selling in today’s market. Our award-winning real estate team is here to make sure you get the best price on your home, and that you find the home of your dreams! In the meantime, check out our guide to selling a home in Chicagoland:
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New homeowners may not think to focus on their mortgage, but life has surprising twists and turns for everyone. People who ran into financial trouble in 2008 and recently bought a home can attest. If circumstances force you to default, what can you do? Are you allowed to sell your home, or do you have to file for foreclosure?
I Need To Sell My House But I Can’t Afford To Repair It
It turns out that if you know what the default is, you’ll see that there are several options if you can’t make a payment.
In simple terms, default is the failure to pay a debt. There are many different types of debt, but mortgages are often called secured debt; that is, the amount of assets purchased through the loan securing the loan for the lender. In simple terms, the lender can take your home and sell it to get your money back if you don’t pay.
Although many people think they should sell their home once it is in default, this may not be the best option. There are many options for people with a mortgage and selling your home can be a last resort. For many people, their home is their largest financial asset, and it should be kept intact whenever possible.
For people who struggle every month to pay their bills because their income is too low, the lender may agree to change the terms of your mortgage. A loan modification is when the lender agrees to lower monthly payments in exchange for a longer repayment period and higher interest rate. Although this can lower your credit score, it is nowhere near as damaging as a foreclosure, and many people find a loan modification an effective way to get out of default.
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Sometimes unforeseen circumstances interfere with people’s income, and they are unable to pay. In these situations, the borrower can request forbearance, a period during which payment is not required. Loans have the advantage of not damaging your credit. For those who believe that financial problems are only temporary, patience may be the best option to get out of default.
You can sell your home when you are in default; However, it should not be the first option considered. If no loan modification or forbearance works for you, you may need to sell. Ideally, you should sell the house for more than you owe, so you can pocket the difference. But if the property’s value has dropped since you bought it, you may be underwater on your mortgage, so you’ll need to convince your lender to support the short sale. A short sale is not a good option, but it is less dangerous than foreclosure.
Life is unpredictable, and circumstances can conspire against you in defaulting on the mortgage. If so, remember to protect your biggest asset, your home, as much as possible.
* DISCLAIMER: This material is provided for informational purposes only and should not be considered investment or tax advice. Readers are strongly advised to consult a professional advisor regarding the information contained herein.
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