Can I sell a home in pre-foreclosure?
Yes! If you’re facing foreclosure, you have the opportunity to sell your home up until the home is sold at auction in a Sheriff’s Sale by the mortgage lender.
A home will be foreclosed upon when a mortgage lender exercises its right to sell a property which the owner has not kept up payments on. The lender gives the homeowner a period of time to make payments or other arrangements before selling the property.
The lender will then auction the property in a Sheriff’s Sale. The notice of the Sheriff’s Sale must be published for four weeks before the auction, during which time the homeowner can sell the property, refinance the property, make all outstanding payments on the property, negotiate a loan modification with the lender, or file bankruptcy.
When is it too late to sell my home during the foreclosure process?
After a foreclosed home is sold by the mortgage lender at auction, the homeowner has a redemption period (typically between six months and a year) to pay the lender in full to retain ownership of the home. So, after the Sheriff’s Sale, unless you pay the mortgage lender all that you owe them, you no longer own the home, and you can’t sell it.
How can I sell my home pre-foreclosure?
When you’re facing a foreclosure, you have a couple of options for selling your home. You can go the traditional route, listing your home for sale and possibly hiring a realtor. While this is the best way to get the full market value for your home, it can take months, even years, to sell a home this way, and in a pre-foreclosure scenario, you don’t have that time. There are only a few weeks of notice before the Sheriff’s Sale and a year or less of a redemption period, which would make it hard to sell the house on the traditional market, through a realtor.
However, there are selling options that are quick, easy, and relatively painless—selling for cash to a development company like HomeFi. HomeFi buys homes that we see great potential in—whether for renovation, the neighborhood, etc.—quickly, for cash.
If your home is facing foreclosure, the HomeFi team can help. We purchase properties in cash and can close on a sale in as little as 5 days. To avoid foreclosure, and move on with your life quickly, give us a call at (804) 723-0473 or contact us online today.
When is it too late to sell my home during the foreclosure process?
When the home or property has been sold by the mortgage lender at auction.
In some circumstances following an auction sale, the homeowner may have a redemption period (typically between six months and a year) to pay the amount the home was sold for plus interest.
How do I get HomeFi to make an offer?
Fill out the Get Offer form to receive a no hassle offer with fast, convenient closing options available.
Are there any fees or costs associated with selling my house?
No! We will make you an offer without real estate agent fees or commissions.
I need to sell my house fast. How long might it take for me to get an offer to sell my house?
Every situation is unique, but it’s not uncommon to get a cash offer in as little as 24-48 hours.
What if my house needs repairs?
We buy homes as-is, there is no need to make repairs.
How long does it take to close?
It depends on your situation, but typically we can close within 7 to 14 business days.
I’m behind on my loan. Do I need to make another payment?
No. We regularly purchase homes that are behind in payments, facing foreclosure, or underwater.