Do you currently have a house in Oklahoma City that’s in foreclosure???
Are you wondering if you can sell a house while it is in foreclosure?
A lot of folks going through the Oklahoma foreclosure process need to find a solution as soon as they can and get out from under the house causing them headaches. Many people wonder if it is even possible to sell their house during foreclosure. The short answer is yes, you can…..
The long answer is yes, BUT usually you can only sell your property prior to foreclosure being completed. This means before the bank auctions your house at the Sheriff’s sale and accepts a bid. Generally, the SOONER you start, the better.
Selling Your Oklahoma City House In Foreclosure – How it all works
There are a lot of folks in the Oklahoma City area who have been through foreclosure in the past few years. With the changes in the economy and bank regulations, a lot of banks have been changing the way that they deal with foreclosures. Sometimes it takes them months and sometimes years to finish foreclosure.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the MOST amount of money by helping you to avoid foreclosure by selling your property. If the bank does have to take your house back, they typically lose money. They have to pay court costs, attorney fees, taxes on the house, and the longer it takes, the more repairs the house needs and the less it is worth.
How it works is simple – sell your house BEFORE the bank gets the courts to let them auction the house off to highest bidder. If you wait until they are about the put the house up for auction, there is probably not enough time to sell. Why lose your house to the bank for $0 when you can sell it before and make some cash?
Dealing with banks during any part of the foreclosure process can be a huge pain in the !@#. Over many years of working with banks and people facing foreclosure to help stop the whole foreclosure process, we’ve learned a few easy tricks that will help you. Read on to find out more….
Working With Banks During The Foreclosure Process
- Always keep the bank informed – If you plan to try and sell a house in foreclosure, tell the bank. Remember, they don’t want to go through foreclosure just like you don’t. It costs everyone money and time. If they know you are trying to sell it might buy you more time.
- Don’t miss deadlines – If you know something will be late, call the bank. Once you miss a deadline, they aren’t very forgiving. You might only have 1 chance.
- Remember behind the banks are normal people – Banks are run by people like you and I. Work with them and they will work with you. Always be nice to bank staff on the phone because you never know…..
- Keep good records of every conversation and request – Keep all e-mails and letters. If the bank promises something, get it in writing. If they need something have them e-mail a request. Keeping good records only helps speed the process up and if the bank tries to act shady, you have proof of their actions.
- Explore all your options – You can sell the house for full mortgage amount. You can get the bank to agree to a short sale where they take less than what is owed and forgive the rest. You can try to get a loan modification with the bank to reduce your payments and refinance the loan.
- Don’t sit around and wait – Unfortunately, you don’t have a lot of time if you are facing foreclosure. The further behind you become on payments, the less options are available to you. We’ve had people call us the day their house goes up for auction, don’t do that. It’s too late.
If you’re needing to sell your Oklahoma City house in foreclosure fast, call us now. Stop asking yourself, “can I sell my Oklahoma City house in foreclosure?” and call us to help you figure out a solution that helps you avoid foreclosure and/or get some cash out of the situation.
We specialize in helping folks in foreclosure around Oklahoma City and even the whole state of Oklahoma find win-win solutions and avoid foreclosure. In certain circumstances we can even negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property fast near Oklahoma City, we can help you.
We buy properties like yours from people who need to sell fast.