Millions of Americans faced financial difficulties and some faced foreclosure during the height of the Covid-19 pandemic. Many experienced job losses, credit card defaults, and diminished purchasing power as the virus spread across the world and wreaked havoc on the economy.
Unfortunately, these struggles continue for many average homeowners and the threat of foreclosure is a real possibility. If you find yourself in this situation, it’s important not to panic and to assess your options when it comes to navigating the foreclosure process.
One option many distressed homeowners overlook is selling their home to a professional house buyer for cash. This option helps homeowners avoid the lengthy foreclosure process which has a devastating effect on credit and lasts for years to come.
Let’s talk about how Virginia house buyers can help you avoid financial ruin and why working with Capable Home Buyers is the right choice when facing foreclosure.
What is a Professional House Buyer?
Professional house buyers are people who purchase properties directly from the homeowner without going through the traditional real estate process. Most professional house buyers target distressed properties or homes in foreclosure that need to be sold quickly.
Even for homeowners not facing foreclosure, selling to a professional home buyer is an increasingly popular option. Homeowners typically don’t need to spend time and money staging the home and can save on real estate agent fees that come with a traditional real estate sale.
Avoiding Foreclosure with a Virginia House Buyer
Luckily for Virginia residents in Newport News, Virginia Beach, Chesapeake and many other areas throughout the state, avoiding foreclosure with a Virginia house buyer isn’t a difficult process. Here’s the steps you should take to work with a professional home buyer:
- Find a Reputable Home Buyer: The first step is to find a reputable home buyer in your area. We buy houses in Virginia and specialize in working with homeowners in the Portsmouth, Hampton, and Norfolk areas. Regardless of which home buyer you choose, make sure they have a good reputation with positive customer testimonials.
- Make Sure They’re a Good Fit: Some professional home buyers will assess your property and determine it’s not one that fits into their portfolio. On the flip side, you may decide that the home buyer isn’t someone you’d like to work with. Make sure you get a positive feeling that this home buyer is the right fit before working with them.
- Negotiate: As with any real estate transaction, the buyer wants to purchase the property at a low price where they can generate a substantial profit. Be sure to brush up on your negotiating skills to sell the home at top dollar when facing foreclosure.
- Transfer the Property: Once you negotiate and agree on a sale price, the house buyer will draft a formal contract outlining the terms of the sale. We recommend having a real estate attorney or industry expert look over the agreement to certify that the terms are fair and follow all local laws and regulations.
- Pay off the Mortgage: Now that the sale is complete, it’s time to pay off your remaining mortgage balance with the cash proceeds. Paying off the mortgage in full prevents the foreclosure process from moving forward without any further damage to your credit and financial standing.
Why Use a Virginia House Buyer?
Using a Virginia house buyer offers plenty of benefits for those facing foreclosure in Virginia. Let’s talk about the top reasons to work with a Virginia house buyer this year.
Quick Cash Offers
One of the primary benefits homeowners receive when working with professional home buyers is a quick cash offer that can help lift themselves out of foreclosure and move on with the next chapter of their lives.
Selling your home for cash provides you with a lump sum that can be used to pay off the remaining mortgage balance and avoid foreclosure proceedings. Additionally, accepting a cash offer allows homeowners to avoid the mortgage approval process since professional home buyers often have liquid cash for home purchases.
A cash offer also results in a faster and smoother closing process that is extremely beneficial for homeowners that need to sell quickly due to the threat of foreclosure.
Ability to Buy Homes in Any Condition
Like we mentioned previously, homeowners can sell their home to Virginia house buyers as-is, meaning extensive repairs or renovations aren’t required. This can save homeowners thousands of dollars and help to close on the property quickly to avoid foreclosure.
Closing Flexibility
Virginia house buyers understand that each homeowner’s situation is unique and accommodations may be needed. Cash buyers like Capable Home Buyers offer flexible closing timelines so sellers can choose a closing date that fits their timeline and requirements.
When it comes to foreclosure, selling quickly is a top priority and professional house buyers can adjust their schedules to accommodate distressed homeowners facing foreclosure.
Foreclosure Expertise
Virginia house buyers like us serving Portsmouth, Hampton, and Norfolk have specialized expertise in navigating foreclosure sales and helping homeowners looking to sell for cash. They have the skills required to navigate challenging situations and know how to guide the homeowner through the process.
In addition to their expertise, Virginia house buyers also have connections and a network of resources that includes contractors, attorneys, and real estate professionals that allow them to address any issues that arise during the transaction.
Options for Distressed Homeowners
Professional house buyers understand the urgency of foreclosure proceedings and have several options for distressed homeowners. However, most homeowners facing foreclosure opt for a quick cash purchase with flexible terms to avoid the financial distress that comes with foreclosure.
Final Thoughts
Foreclosure is a last resort for distressed homeowners who can’t keep up with their mortgage payments. Losing your home has a devastating effect on your financial standing and stays on your credit report for up to seven years. Additionally, foreclosures make it extremely difficult to apply for new credit like auto loans, credit cards, and personal loans.
For those in the Virginia area, working with a Virginia house buyer is one of the best options when facing foreclosure. With Capable Home Buyers, you’ll receive a cash offer for your home and close on an expedited timeline to accommodate your foreclosure situation.