If you’re reading this article, then most probably you are in the process of foreclosure, or it’s imminent. It’s only natural for an individual to want to move out of a house that’s going through foreclosure in Houston, Texas. So, to deal with this migraine, many people opt to sell the home, and hopefully get a new start – a breath of fresh air!
However, the question that’s consistently nagging at the back of everyone’s mind is… “Is it possible to put a house on the market during foreclosure?”
Well, you’ll be happy to hear that this is a possibility even though there’s a caveat. You have to find a buyer before foreclosure so that you can at least try to simplify an already convoluted process. Therefore, get the balls rolling right now if you seriously want to increase your chances of selling.
How does selling my Houston home in foreclosure work?
Undoubtedly, many folks have either come close to foreclosure or face it in the past couple of years. Unfortunately, since the recession, several banks and other lending institutions have tightened their ropes on how to deal with foreclosures. No one is ready to loose even a single dime, so you better pay up what you owe.
What most people seem to forget is the fact that these banks are run by human beings! And just like you, they have a heart and soul. They hate seeing your home abandoned or worse yet, auctioned. In the event you decide to sell your property, you should know all parties will benefit financially. Why? Well because you’ll have more cash to settle the debts owed, and the bank will receive its share! You’ll, however, experience several bumps on the road while dealing with these banks.
Here are a few tricks you can employ to ease the burden:
- Maintain a communication channel with the institution
Just don’t bug them so much. All they need to know is that you’re breaking a sweat trying to keep up with your mortgage. Give them a reason to give you some more time. You ought to provide an update now and then of what’s going on, on your end. Keep them in the loop.
- Observe your deadlines
You have to call them if you can’t make a payment. Don’t make them feel like the process has turned into a cat and mouse game. Missing out on deadlines and not communicating is a sign of disrespect.
- Banks are not run by robots but by human beings.
We’ll say this again and again. Some of the staff members have been in the same spot you are in this very moment. And you’re obviously not alone in this because someone somewhere is going through the same ordeal. Don’t feel embarrassed. Visit their offices, and book an appointment with the manager. Explain your situation, and even go as far as showing him or her, your willingness to fix the issue.
- Record every conversation
Have a record of every meeting you have with a representative. Ensure they are all in writing, and track all the people you speak with during these sessions. All the promises made or said should also be in book.
- Exhaust all options
There are so many other avenues you can use to fix your problem. For instance, have you thought about a short sale, filing for bankruptcy, or loan modification? Some institutions even have a set of policies in place ready to help those who are about to experience foreclosure.
Time is your enemy in this case. But don’t throw in the towel yet. If you’re thinking about selling fast, sell to an investment company like ‘We Buy Houses Fast Houston,’ and get a fair all-cash offer in just a few weeks.