Have you found yourself facing foreclosure on a home in St. Louis, MO and don’t know what to do? Foreclosure on a home occurs when the homeowner falls behind on their mortgage payments and the bank or mortgage company repossesses the ownership of the home. Finding yourself in this situation can be overwhelming and stressful, and leave you wondering what’s next for you, your family and your property. There are a few ways to handle your foreclosed home, but there is one option that may be the easiest for alleviating the stresses of a foreclosed home.
You need to contact the bank immediately and see what options they are willing to give you on your foreclosed home in St. Louis. Occasionally, a bank is willing to work through your issues. However, if you’re finding your options are limited, try contacting a real estate investor for additional options.
What are the advantages to selling a St. Louis, MO home in Foreclosure to investors?
1. No damage to credit.
A home foreclosure in St. Louis can drastically affect your credit score and possibly inhibit you from obtaining new housing or future credit for many years. By selling to investors instead of the bank, the credit repercussions are substantially less impactful on the seller, prior to foreclosure of the home in St. Louis. If you’re concerned about how a foreclosed home affects your credit, Financial Samurai has some great tips.
2. Investors can work directly with the bank.
In many cases, the investors will work with the bank on the pre-foreclosed home in St. Louis to ultimately make the situation better for all parties involved. This removes you from dealing with the financial hang ups that can be confusing and overwhelming.
3. Investors can work quickly to fix the situation.
Trust us, this isn’t the first time that an investor has worked with a foreclosed home in St. Louis. By knowing all of the ins and outs, investors can sometimes help to aid the situation even days before the foreclosure date.
4. Seller is dealing with an individual versus a bank.
Banks are notorious for fine print. When dealing with a bank to remedy your foreclosed house in St. Louis, you may not find yourself presented with a solution that is human-focused. When you deal with an investor, you?re dealing with an individual that sees you on a more human level than your big bank.
What happens once I decide to go through an investor to remedy the pre-foreclosed home in St. Louis?
If selling your St. Louis home prior to foreclosure to an investor sounds like a great option for your situation, the best place to begin is to simply contact the investor and begin the conversation. Get any and all paperwork from the bank together to review with the investor.
First, the investor will contact the bank and have the title company run a title search. From that point on, it will be like buying or selling any other house. Often times, an investor can take over the past-due payments to the bank, alleviating much of your financial stresses.
In certain cases, investors like Core Properties can bring in a short sale expert to help with the bank. If the loan balance is too high in relation to the value of the house, this is may be a good option. A short sale will have a much less harmful impact on the seller’s credit.
While it may not feel like you have many options right now, there are many ways to handle a foreclosed house in St. Louis. Researching your options and reaching out to the appropriate parties is the first step to alleviating your stress. If you?re looking for an investor to help you review your options, contact Core Properties at 314-485-7311.