One of the most difficult financial burdens to overcome is foreclosure. Once you get three or more months behind on your mortgage payment, it is almost impossible to catch up. You could make payment arrangements with your lender. However, your options for catching up on your payments often cause more problems than they solve.
So, what can you do if your house is in the late stages of foreclosure and the bank is threatening to sell it at auction? If you can’t catch up on your payments, the best solution is to sell your distressed house fast and use the proceeds to pay off the mortgage balance. The fastest way to find a buyer is to sell your house as-is for cash.
What Is a Distressed House in Michigan?
A distressed house is a house that is on the verge of foreclosure. Once foreclosure reaches a certain point, the lender repossesses the house and attempts to sell the bank at a public auction – typically held at a courthouse. If the lender is unable to sell the house, they may hire a real estate agent to sell the house or keep it and hire a property manager to maintain the property.
As the foreclosure date draws closer, you run out of options for paying off the debt or selling your house. So, if you are considering selling your house, a traditional sale may not work for you. Instead, you can sell your distressed house as-is for cash to a company that buys houses in Detroit, Michigan.
What Is a Home Cash Sale?
A cash sale is not the same as a traditional sale. There are some distinct differences. In a cash sale you:
- Work directly with the buyer – no real estate agent.
- Show the house to a single qualified buyer – not several potential buyers.
- Sell your house as-is – make no repairs.
- Pay no closing costs or other selling expenses.
- Sell your house when you want – close in as little as seven days.
- Avoid listing your house on the market.
Best of all, you get cash for your house. Once you close the deal with the buyer, they give you a check. You can pay your mortgage balance and walk away free and clear with your credit intact.
Is There a Redemption Period in Michigan After the House Sells at Auction
Under Michigan law, you can redeem the home after the foreclosure sale within:
- Six months, if more than two-thirds of the original indebtedness is still owed.
- One year, if the amount owed is less than two-thirds.
If you abandoned the property, the redemption period is only 30 days or until the required fifteen-day notice that the lender considers the premises abandoned expires – whichever is later.
The Michigan redemption period is good news if you still want to redeem your house and sell it to pay off the mortgage. A cash sale can help you sell your house fast so that you can get out of the mortgage. If you can sell your house and pay off the debt, the lender may even reverse the mortgage and remove it from your credit report.
How Do I Get Started with a Cash Home Sale?
One of the advantages of a cash home sale is that you eliminate many of the steps that you normally have to take in a traditional sale. You basically follow three simple steps:
Contact a Company That Buys Houses in Detroit
Find a professional, seasoned, and reputable home buyer. Schedule a quick walkthrough so that the buyer can look at the property. Discuss your situation, and feel free to ask questions.
Get a Fast Cash Offer
If the buyer knows your situation and they are interested in buying your house, they will waste no time in making an offer on your house. You can expect an offer within 24 to 48 hours.
Get Paid for Your House
If you agree to the buyer’s offer, schedule a closing date. You and the buyer sign the paperwork, and they hand you a check. Getting cash for a distressed house has never been easier.
Get Cash for Your Distressed House from M1 Home Buyers
Just because you are going through a foreclosure doesn’t mean you can’t sell your house. M1 Home Buyers makes it easy to sell your distressed house fast in Detroit, Michigan. Call 243-397-5800 to get a fast cash offer.