Banks recently have become more aggressive foreclosing properties. It is especially important to address this situation before it takes place. If you have any equity, it may be possible for you to receive cash after closing. If you wait until after the auction, all of that will be gone.
Almost everyone now knows what a foreclosure is. It is when a lender legally takes over a property when the borrower stops paying their mortgage. The foreclosure process is the series of legal steps to take over the property. However, something strange has been happening over the last few years.
Here we go:
In many instances the bank has gone through the foreclosure process, evicted the homeowners, then stopped!! They have not taken the last step and taken over the deed. The previous owner still legally owns the property while mortgage interest, penalties, taxes and insurance continue to accrue against the previous owner who is also liable if anything were to go wrong. The city can also bill the previous owner for maintenance or other services to keep the property in decent shape. The bank sometimes prefers not to be responsible for the property so guess who pays! - You do! These are now called "Zombie Properties" - You are the proud owner of a Monster. A recent client of ours called us after finding out his "foreclosed" house was still in his name after he thought the bank had taken it 7 years previously! He was absolutely shocked when he tried to buy another house and was refused because he "owned another one." Due to penalties and interest, he then owed almost three times what the house eventually sold for by the way of short sale. He was then free to move on with his life, happy to have us end his nightmare.
We would need to analyze your particular situation and your goals. Is your current financial situation temporary or long term? We may be able to help you renegotiate your current loan and stay in your house. If you owe more than what the house is currently worth but wish to sell, (a common situation in today’s market) we can help you with the “Short Sale” process and finding a buyer.
It may be that you have equity in the property but you don’t have the funds to make repairs or updates to make it attractive to a buyer.
Maybe you would just like to move on and have someone take over the debts on the property so that you can sleep at night.
These are just some of the many various situations we are able to help with. Many real estate agents only know how to list and sell properties in great condition but you may not have time to go forward with a traditional sale. You most likely would need 3-4- months or more (usually more) to sell traditionally with a property in great condition. We work with various other real estate professionals to help shorten the process, possibly to even just days in certain situations.
We can look at your property and see how we may be able to help you. Remember, there is no cost and no obligation to you.
Call us today! 774.406.3321
*First and foremost, we advise anyone to check any agreements with a competent local real estate attorney prior to signing anything, as state requirements may vary and laws may change at any time.