Do you have a San Antonio Texas house that’s in foreclosure right now? Many people going through the Texas foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
Can I Sell My House in Foreclosure in San Antonio? – How it works
There are a lot of folks in San Antonio who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.
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. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.
Working With Banks During The Foreclosure Process
This is usually your first step to slow or stop the foreclosure process.
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
How Much Time Do You Have?
Different states have longer or shorter foreclosure processes. Have you been behind on your payments for several months? Have you received a notice of default?
Depending on how far along you are in the foreclosure process can limit the options that are available to you. Short sales typically take much longer and require approval from the lender. Where selling to an investor who can pay cash is probably the fastest way to sell a house in foreclosure.
Selling your house with a realtor typically takes 45-120 days…this can be a great choice, but you need to make sure that you have time!
Condition of the House
Does your house need a few or a lot of repairs? It’s no surprise, houses that don’t need any repairs will usually sell faster than houses that are a little more ‘lived in’.
Again, do you have time to fix these things before you sell the home? Make sure you also take this into consideration before you decide what you are going to do.
Let Us Know if We Can Help You
We specialize in helping homeowners in situations including foreclosure around San Antonio and the whole state of Texas get out of difficult situations and avoid foreclosure. In certain circumstances, we can 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 near San Antonio, we can help you.
We buy properties like yours from people who need to sell fast.