Nick: Hey, it’s Nick, today I got another call, and I’ve got this call a lot of times, right? It’s, “Can I sell my house if it’s in foreclosure?” The short answer is, “Yes, you can still sell your house up until the point that it’s foreclosed on because you still own that property.” But there are some other things that you’re going to want to think about. “How much time do I have?” Right? Different states take more and less time to go through the foreclosure process. That’s a big one. Another one is, “Whatever shape my house is in, how much do I still owe? Will I be able to sell it for enough to cover what I owe to the bank at least,” right? Because otherwise, you get into some other situations. Things happen to good people where you get any number of situations, you get a little behind on your payments.
Your options are; you can try to do a traditional sale where you get your real estate agent, they put the sign in the yard, clean up the house, do some showings. Where I would really think about, again, is your timeline. Are you going to have enough time to do the entire traditional sale? If so, that might be a really good option. Another one is if you call an investor or someone who pays cash, can pay cash for houses and talk to them, get yourself an offer. They can do it a lot faster, right? Lots of times you may only have 10, 15, 20 days left, all right, to sell the property before it gets foreclosed on. You might have better luck calling a local investor who can come out and make the transaction happen a lot faster. What are they going to do?
They’re going to come out, look at the house and make you an offer based on whatever the condition of the house is and if that’s enough, one pay off the bank, and anything else that you guys are going to agree on. Then they can work with their title company to reach out to the bank, communicate to them, get what’s called a payoff, right? Then they want to wrap things up before whatever your date of foreclosure is. Lots of times that can be a better idea regardless of how much you might profit or not profit based on the situation, just because when you turn things around financially, you don’t necessarily want the foreclosure there looming over the next few years.
I hope it helps. I hope it answers a few questions. If you got any others and I can help you, my contact information’s at the bottom. Thanks. I’ll talk to you all later.