Mortgages fall into danger of foreclosure for many reasons, including borrowers’ distressed finances. However, there’s a step before foreclosure that can prevent it from even occurring. Known as a “quick sale,” it’s the sale of a property that’s in its defaulted mortgage’s preforeclosure period. Peforeclosure is the time between mortgage default and foreclosure sale and is really a lender’s grace period for borrowers. Speedy sales of homes in preforeclosure are called “quick sales.”
Mortgage quick sales shouldn’t be confused with mortgage short sales. A mortgage short sale occurs when a property is sold for less than is owed on its mortgage. Also, property short sales can only be conducted with the permission of the lenders holding the mortgages on those properties. Fortunately, mortgage lenders will approve short sales during preforeclosure. Keep in mind, however, that mortgage short sales come with potential negative credit consequences that can be as bad as foreclosures themselves.
Benefits of Quick Sale/ Short Sale Transactions To Distressed Home Owners.
Home ownership brings with it a multitude of additional expenses- maintenance, taxes, utilities etc. these numbers can quickly add up and become burdensome or overwhelming to the home owner. In some cases, individuals may inherit a home through probate and are not ready for the cost of ownership. In any case the next steps are obvious- sell your home and get out from under the debt. Unfortunately however even under the best circumstances selling a home can be a lengthy and complicated process. In Louisville Ky, the average home sits on the market for around 40 days, this doesn’t include the average 30-45 days to close; all of which is time spent in which the distressed home owner is liable for expenses.
Wholesale cash buyers relieve this stress by offering cash payments and eliminating the need for expensive realtors, appraisals, lenders and inspections. Most at 2nd Wind our closings generally take between 7-14 days to get cash in your hands!
Sell Your House With 2ndWind!
If you or someone you know has a burdensome property we would love to make an offer.
Sell Your Home Fast and Easy With Our 3-Step Process
We will get in touch with you to arrange to visit your home at a time that’s convenient for you.
Fast, Cash Offer
We will assess your situation, answer your questions, and make you a fair, cash offer to buy your home.
If you accept the no obligation cash offer, we’ll set up a closing in 30 days so you get your cash and keep living.