Home Repossession: Understanding The Basics
I know what youre thinking what is there really to understand
? Having ones home repossessed is just awful and in some cases downright embarrassing. But, for those in the business of buying and selling properties at or near finalized repossession; home owners facing eviction have a strong ally and deserve the utmost respect.
Basically if youre a home owner on the verge of repossession, rest assured there are still people out there who will make you feel brand new! Its not a pipe-dream and its not too good to be true. Where there is money to be made, agents or companies will come by the dozens if you are willingly to open the flood gates. At the end of the day, buying and selling repossessed homes can be a mutually beneficial transaction between the buyer and home owners facing hardship.
Make no mistake, having a home repossessed is an owners worst nightmare. Repossession can completely turn your world upside down, dramatically damage your credit rating and make recovery seem impossible. Not to mention the unfortunate effects it can have on an entire family, having to uproot from the familiar people, schools and friends is heartbreaking. But, other options are available and the most important one is a buyer willing to purchase your home that is on the brink of foreclosure.
The Upside to Repossession
Really?
Yes, believe it or not there are positives involved when it comes to repossessed homes. Mainly for investors who specialize in purchasing foreclosed properties or homes in the process of being foreclosed. These types of companies see a terrific real estate deal that allows both parties involved to benefit. You, the home owner will benefit from something referred to as a quick sale or more notably, a short sale. Although you can expect a price well below the market value, the biggest benefit that cannot be ignored is repossession avoidance.
Quick sale agents will generally make a deal with your lender, if and when you do qualify for a short sale. These types of buyers will even help you stop the repossession process and can usually do it in a matter of hours.
The Downside to Repossession
Dont expect to profit.
This is really a no brainer home owners who opt for a quick sale are doing so to save their credit rating and avoid a scathing report that clearly states in bold Property Repossessed. This type of credit rating follows you around for years to come, where as a quick sale gives you time to recover. Although both options will harm a credit score in the end, quick sales are far less damaging.
Before the Eviction Notice
Obviously you dont have to be a psychic to know if and when financial trouble is on the horizon. If the situation involves you losing your job, a simple call to your lender the day of will suffice and you can renegotiate mortgage payments.
But, if you know full well you cant make any payments and need a quick exit strategy, this is the right time to call a quick sale specialist.
Pre-eviction or pre-repossession is where buyers or investors will do much better. At this stage, home owners can stall any further damage to credit rating and a price can be agreed upon before getting the lender or bank involved.
However, there are home owners who hold onto the very end struggling to keep their castle, who ultimately find themselves on the brink of repossession dont panic, there is still time. Companies, who specialize in quick sales, can often
stop the repossession process and offer a deal within hours. They even go as far as contacting your lender for you to negotiate terms that benefits everyone involved.
As long as you are willing to do the research, understand your basic rights and find out your options, you will quickly see that repossession isn't the end of the world. There is help available as long as you know where to look.
by: Sonia Allende Garcia
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