What to do When Facing Foreclosure

We’re back again for the third part in our series about what homeowners can do when they’re facing foreclosure in Georgia.  Like every decision, there are advantages and disadvantages. Of course we buy houses to prevent a foreclosure from happening, but we believe that you should be as informed as you can be to make the best choice for you and you alone!

Sell Your House Through an Agent:

Aside from declaring bankruptcy, catching up your payments, or modifying your mortgage, another way to avoid foreclosure is to list your house and try to sell it on the market.  It’s a decent alternative but your situations circumstances need to be thought about greatly.

Currently, there are about 3-4 months of inventory across the metro Atlanta market.  In December, 1 third of active listings had a price reduction. Whether it was the rate hikes that occurred throughout 2018 or the rapid increase in prices over the last few years slowing things down, no one can be certain, but they definitely slowed down.  Another thing that may have been putting the brakes on a hot market were buyer concerns over future economic conditions due to recent tariff increases and a government shutdown that is now over. Whatever the reason may be, the housing market slowed considerably during the early winter months.  That’s not entirely out of the norm, but for Fulton County in particular, the number of closed transactions across every zip code in January 2019, were down 90-95% and in some 100% when compared to January 2018.

Can you sell a house quickly even in these current trends, absolutely yes.  The question is will the current pool of buyers want your house. The condition is the biggest factor when your house is compared to similarly priced houses in your neighborhood.  If it’s a bit of a fixer upper, the pool of buyers will grow smaller, perhaps only investors will consider it and maybe banks won’t even lend on it because of the state it’s in. If you do find a traditional buyer, they will need 3-4 weeks to obtain bank financing and even then, the closing could fall apart right at the last minute.  When banks are involved, it’s not a certain closing until it’s closed, loans can be pulled the morning of a closing, it’s happened. There’s also, the time aspect. The foreclosure date could come before a scheduled closing, who knows if the lender will postpone the sale to wait on a potential closing for their payoff.

What Else Can I Do?

We’re always another option and we aren’t a what if or we hope the deal goes through option.  We buy houses fast for cash. Selling to  Real Ventures, LLC would stop your foreclosure or prevent one from being filed.  You would pay no closing costs other than taxes or any outstanding liens. Perhaps it would mean, being able to prevent a foreclosure on your credit and starting over.  Reach out today and we can figure out what works. Fill out the contact form below or go over to learn how our process works here.