Can a Distressed Property Keep Me from Selling My House?

Just because the bank has taken over your property and intends to sell it at auction does not mean that it is too late for you to sell the property. If you have the opportunity to sell your house fast, you can unload the property before the house goes to auction. You may make enough on the sale to avoid foreclosure and pay off the mortgage.

So, if you have a distressed house, you may want to explore your options to sell it and save your credit. The best option for selling your property quickly is to sell your house as-is for cash to a local home buyer. You can avoid the long process of listing your house on the market. An investor can close on the sale in as little as seven days with no strings attached. You pay no closing costs or realtor commissions. Plus, you don?t have to pay for any repairs or inspections.

What is a Distressed House?

A distressed house is any property that is under foreclosure or being sold by the lender. Normally, a distressed property results from a homeowner who was unable to keep up with the mortgage payments and/or tax bill on the property. It is common for a distressed property to be sold below market value. Not all distressed properties are repossessed due to late payments. Lenders may seek to repossess a property to protect their investment.

There are three main types of distressed properties.

Foreclosures

A distressed house occurs as the result of a foreclosure. The homeowner stops making their monthly mortgage payments.  The bank forecloses on the home and repossesses the property. Occasionally, the lender may accept a deed instead of foreclosure to assume ownership. In the case of a foreclosure, lenders are often anxious to sell these homes quickly, under state laws.

REO Properties

Properties that do not sell at foreclosure auctions are known as real estate owned property (REO properties). Lenders do not typically want to maintain or repair these properties and may be willing to sell them at a discount. Investors often purchase these types of properties with the intent of reselling them.

Short Sales

A homeowner facing foreclosure may agree to a short sale. The homeowner owes more on the mortgage than the home is currently worth. In this situation, short sales are a more attractive option for the owner. A short sale happens when a buyer purchases the distressed property for less than what the current owner owes on the mortgage.

Can I Sell My Distressed Property?

Depending on whether you live in Washington, D.C., Virginia, or Delaware, there may be a redemption period after the bank repossesses your house. Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.

Additionally, if the home has not gone to auction, you can also sell your house fast during the redemption period. The period may last between one to six months, giving you very little time to list the house, find a realtor, make the necessary repairs, and show the house to multiple buyers. You can bypass this process by selling to a local home buyer in DMV. When you sell your house as-is to an investor, you can close the house in as little as seven days. If you pay off your mortgage, you can cancel the foreclosure and save your credit.

How to Sell Your Distressed House in 3 Steps

Step 1: Schedule a Visit with a Local House Buyer

The first step is to pick up the phone and call one of our local house investors in the Alexandria, Virginia area. Simply schedule a quick walkthrough of the property. There is no need to make any renovations, prepare the house to show, or even clean up. We are happy to view the property as-is.

Step 2: Let Us Make a Fast Cash Offer

If we decide we want to move forward with buying the property, we'll make a competitive cash offer based on a percentage of the house's value. We can negotiate a fair cash offer that puts money in your pocket and allows us to make a good investment.

Step 3: We Pay You Cash

Do you like the offer? Then schedule a closing date that works for you. We show up, sign the papers, and pay all closing costs and fees. You pay nothing. We can pay cash in as little as seven days after closing.

Why Work with Our Local Home Buyers

When you work with Fortune Homes, you partner with investment professionals who are genuinely interested in helping you get out of a less-than-desirable situation.

We know the Local DMV Real Estate Market

Our investors live and do business in the DMV area. We understand the real estate market and the challenges that you face when you sell your house. You don't have to deal with the hassle of working with people you don't know or trust.

We Make a Fair Cash Offer on Your House

Not all investors are looking out for your best interest. They may make a bottom-line offer that does not help your situation at all. Let our house buyers look at your property and make a fair offer based on a healthy percentage of your house's property value.

You Don't Have to Wait to Sell Your House

We understand how frustrating it can be to list your house on the market and wait months to find a buyer. If you need to get out of your property right now and don't want to wait, let us immediately take it off your hands. We can close and put cash in your hand in as little as 30 days.

Sell Your Distressed House for Cash in DMV

Do you live in Washington, D.C., Maryland, or Virginia? If so, contact Fortune Homes today. Sell your house fast for cash in the DMV and the surrounding area. We buy houses as-is in any condition. Call 202-918-9800 to schedule a quick, no-obligation visit with one of our local cash home buyers.

Our company purchases property as-is in the following areas:

Alexandria	Fairfax	Falls Church
Manassas	Rockville	Silver Spring
Vienna	Washington, D.C.	Arlington County
Fairfax County	Loudoun County	Montgomery County
Prince George's County	Prince William County