Can You Stop Foreclosure in OKC with Cash Buyers?
Facing foreclosure is an unfortunate reality that you may be currently dealing with. But is there an immediate solution to stopping foreclosure?
Typically, the foreclosure process begins after the third consecutive default on a mortgage payment. And most lenders will give you 90 days to pay back the full amount—plus additional fees and penalties. But paying off three months worth of mortgage payments in full may not be realistic for many of us.
Selling your Oklahoma City house for cash is becoming an increasingly popular option for many homeowners facing foreclosure. But how does it work? Is it realistic? And can you really stop foreclosure with a cash buyer?
“We Buy Ugly Homes”—an Ugly Truth?
You may have seen those ugly signs and billboards proclaiming you can sell your house fast for cash in your neighborhood. And you may have wondered if there’s any truth to the claim.
There is. Those signs and billboards proliferate for one simple reason. They’re an immediate relief. Essentially, a home buying company purchases a house for the purposes of resale at a later date, either after extensive renovations or simply to have a portfolio of available properties for interested buyers. They pay cash. They buy as is. And for decades, they’ve provided a fast and effective solution for many homeowners facing a personal financial crisis. There’s just one catch.
They purchase at a cost less than fair market value. This has led to a common misconception that they’re exploiting a homeowner’s needs. They’re not. The actual percentage less varies depending on the condition of your home, its location and its estimated resale value. A reputable home buying company such as House Kings will take your personal needs into consideration before making you an offer. Frequently, a house in need of repair can sit on the market for over six months—and the cost of repair may be more than you expected. Even renovating your home is no guarantee it will sell for fair price in a buyer’s market. And if you’re facing foreclosure, you’ll know it’s not just a threat. It’s an inevitability.
What to Expect from Foreclosure
Banks are rarely sympathetic to homeowners. A mortgage contract is a legally binding document, one whose obligations you’re expected to fill promptly and in full. There’s rarely any sort of legroom when it comes to the law and your own given circumstances.
But even though a mortgage is legally binding, most states operate as nonjudicial disclosure states—which means they can issue a foreclosure notice without initiating court proceedings. Typically, notice will be given to both creditors and the general public through a process called sale of trust property by public auction, which consists of:
- A notice of default
- A notice of intent to sell
- A notice by publication stating your property will sell on a specified date
How a Home Buying Company Can Help Stop Foreclosure
By purchasing your house quickly, a home buying company like House Kings can halt foreclosure and seizure of property by providing you with immediate funds that meet lender’s demands. It’s safe, convenient, legitimate and prompt—generally in under two weeks. They’ll purchase your home quickly and assuredly, no matter what condition it's in. And it’s a solution that millions of Americans have embraced for several decades now.
Is there a downside? Yes. Generally speaking, home buying companies purchase your house for less than the asking price. The actual amount varies, but it’s usually around ten percent. And while that can seem disappointing, you’ll find that the actual costs associated with selling your home are relatively comparable.
But it’s a small price to pay for peace of mind. Foreclosure doesn’t just leave a black mark on your credit. It’s been known to damper employment prospects. It’s been known to ruin marriages. And it can lead you into a downward spiral of bankruptcy and depression. But it’s also not the end of the world. With the right solution, it can be an opportunity to start your life all over again. And that can be worth much more than any home in the world.
If selling your Oklahoma City home to a cash buyer is something you’re interested in, don’t hesitate to give us a call at 405-233-8831 or fill out the form below! We would love to help you out and give you a no-obligation offer today!