It doesn’t have to be.
Foreclosure happens to homeowners for a number of reasons:
* Illness
* Bankruptcy
* Divorce
* Past due taxes
* Job loss
* Tired owner
Many times, there may be some circumstance preventing the owner from keeping up with the financial obligations of the property, and it slips into foreclosure.
Most homeowners don’t know and fully understand their right to sell the property even while in foreclosure.
This is important to understand because it may mean the different between ruining your credit score and profile, or walking away from a foreclosure with no residual damage and with money in hand.
In Michigan, a homeowner using a property as their primary residence has 6 months to sell that property before the foreclosure is final. A foreclosure will stay on a credit report for up to 10 years. Avoiding that will save a ton of headache and salvage a great financial profile.
How to get the most out of the foreclosure process:
- Know your rights. Understand the foreclosure date, the redemption period and the sheriff sale date clearly.
- Find a cash buyer that will purchase your property AND give you cash to walk away.
- Execute the closing.
For experienced firms, it’s not difficult at all to buy a foreclosed property and give the owner money to walk away. The investor gets the property and the owner gets cash and a clear record with no foreclosures on it.
We buy foreclosed properties and can close within 5-7 days (or less if it’s urgent!).
Give us a call at 248.905.1531 or click the form below for help.