Can I sell my house back to the bank?

Can you sell your house back to the bank?

The short answer is no.  The bank does not want your house.  They want to loan money, they are not in the business of owning real estate and they are not looking to buy your house.  If you need to sell your house fast, contact a we buy houses investor in your area.

If you are thinking about selling your house back to the bank, you’re probably behind on your payments and facing foreclosure or the value of your house is less than what you owe to the bank.  In either case, you have options available to you.  Contact a local real estate agent or investor that can talk to you about your foreclosure options.

One option is a deed in leiu of foreclosure.  Basically the bank will accept the property back.  Most times these are hard to do and most banks are not willing to take the property back.  Again, they do not want your house.

Another option is a short sale.  A short sale is when the bank allows you to sell your house for less than you owe.  Depending on your state and your specific situation, you could owe money to the bank after the sale.  Talk with a local real estate attorney that is familiar with your state’s laws.   If you are interested in an Arizona short sale, contact us to discuss your situation.  We have a team of attornies, real estate agents, and investors that can guide you through the process.

If you are unable to get a short sale completed, you have the option of letting the house go into foreclosure, filing bankruptcy, renting out the house, or continuing to make the payments as long as you can.  The choice is yours but before making a decision, make sure you get all the facts.