The term “distressed house” implies that your property is on the verge of foreclosure and that there is little you can do about it. At this point, you are several months behind on your mortgage, and the bank is getting ready to sell your house fast at auction. You may feel like there is nothing left for you to do to save your credit.
However, as long as your house is not yet sold at auction, it is still possible to take control of your situation and reverse the foreclosure. You can sell your house as-is for cash directly to a buyer in Detroit, Michigan. You can get a fast cash offer and close the sale in as little as seven to 21 days. You may even be able to convince the bank to wait until you sign the closing paper. Let’s take a closer look at why it may not be too late to sell your distressed house.
What is a Distressed House?
A distressed property is a house on the brink of foreclosure or already owned by the bank. Buyers in Detroit often seek these properties out because of the opportunity to buy a home at a discount. There are three reasons a house may become distressed.
1. Foreclosure
Many distressed houses occur as a result of a foreclosure. A homeowner can no longer make their monthly mortgage payments. The bank forecloses on the home and repossesses the property. Occasionally, the lender may accept a deed instead of foreclosure to assume ownership. Lenders are often anxious to sell these homes quickly, following state laws. They will typically sell the home at auction.
2. REO Properties
Properties that do not sell at auction are known as real estate-owned property (REO) properties. These homes are considered distressed property. Lenders do not want to maintain or repair these properties and may be willing to sell them at a discount.
3. Short Sales
Homeowners facing foreclosure may be willing to make a short sale. This type of sale typically happens when the mortgage is upside down. The homeowner owes more on the mortgage than the home is currently worth. In this situation, short sales are a more attractive option for the owner.
Can I Sell My Distressed House?
The answer is yes; you can sell your distressed house. However, you need to be able to sell your house fast before the house goes to auction. This option may not be possible if you opt for a traditional sale where. Listing the house, making repairs, and hiring a real estate agent can take too long.
A better option may be to sell your house for cash to a buyer in Detroit, Michigan. Selling your house as-is relieves you of making repairs, paying closing costs, and paying realtor commissions. The process is more straightforward, giving you the flexibility you need to close the deal in only a few days. You can unload the property and get out of the mortgage before the house goes to auction.
Sell Your Distressed House Fast for Cash Today with M1 Home Buyers
Selling your distressed house does not have to take several months or cost you thousands of dollars. M1 Home Buyers offers a more straightforward solution to get out of your house or mortgage regardless of your situation. We can help you sell your house fast in Detroit, Michigan. Call us today at 248-397-5800 to get a fast cash offer.