Do you have a home in Dallas that is in foreclosure or facing foreclosure? You’re probably wondering if you can sell it quickly and get out of foreclosure – and the answer is yes! It’s a little complicated, so our Dallas cash for homes agency has put together some advice and tips for selling your home during the foreclosure process.
Know how the foreclosure process in Dallas works
Let’s start with what foreclosure is and how this process works in Dallas. Although it can be a stressful and frustrating process, knowing how it works and how to get out of foreclosure is the best way forward!
What is foreclosure?
Foreclosure is a legal process that allows the lender who supplied your mortgage to reclaim your home if you default on it. It can also be started by your tax office if you are in default on your property taxes. This is a legal and court-based process, so often lenders wait a long time to actually reclaim your property.
Types of foreclosure
There are two main types of foreclosure, each working a little differently. These are:
1 – Judicial Foreclosure:
- The lender has to file suit in the court system
- The property owner will receive a letter from the court demanding payment on the outstanding sums for the mortgage
- You will have 30 days to make this payment, although sometimes that can be extended
- If you don’t make the payment in this time period, a judgment will be entered where the lender can ask the court to be allowed to sell the property, which would usually be through an auction
- When the property has been sold, you will be served an eviction notice and will have to immediately vacate the property
2 – Non-Judicial Foreclosure:
- This is also called Under Power of Sale foreclosure
- The mortgage lender will give you a notice in writing demanding payment within a set number of days
- If the amount has not been paid within this period, a deed of trust is drawn up and control of your property is transferred to a trustee
- The trustee will then give written notice of an auction date, and can sell your property to the lender at the auction
It’s important to note that non-judicial foreclosure can be challenged in court, and that anyone who has an interest in the property has to be notified in writing during either type of foreclosure.
When can I sell my home in foreclosure?
There is only a small window of time when you can sell your home during foreclosure, so it is essential that you move quickly and sell your home fast. You can sell your home any time during the pre-foreclosure period, for example, when you start being unable to pay for the property or property taxes, as well as any time before the time runs out on the demand for payment notice. Once an auction date is set or the property is transferred to a trustee, you are no longer able to sell the property.
As you can see, there’s only a short window where you can sell your home in foreclosure. And selling a property the traditional way can take months! However, there is another solution. Our Dallas cash for homes agency will buy your home in just 24 hours if you accept our market-related offer. You can read more about the benefits of selling to cash home buyers here.
Want to sell your home in foreclosure? Our Dallas cash for homes agency will buy your home in 24 hours!
When you want to sell your home quickly to get out of foreclosure and without spending more money on it or paying real estate agent fees, there’s no one better than Shiny Key Properties! Our Dallas cash home buyers purchase homes in any condition, at any time of year, from well-kept family properties to teardowns. If you want to sell your property as is without having to look for a buyer, deal with a real estate agent and pay their commission, or even empty the property, then the best option is to sell directly to our cash for homes agency. We price your property according to the market, so you get a fair deal in record time, helping you get out of foreclosure quickly!
How our cash for houses process works if you are in foreclosure
When you want to sell your home in foreclosure, we will buy your property fast, putting a lump sum into your account in a matter of days. Wondering “How to sell my home in foreclosure?” Here’s how our process works:
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the FREE NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees or realtor fees
- We can handle all aspects of the process, including clearing out the property
- You can also call us directly on 469-858-0088
That’s all there is to it!
Our team is compassionate and highly motivated to offer you the best possible market-related price for your home, so you can sell your property fast. Not only does this cash go straight into your bank account as soon as the sale goes through, but you also pay no real estate agent fees or commission. It’s the best way to sell your home in foreclosure.