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.

How to sell my house fast

8 home selling tips from MSN Money.

• Hire a top-notch sales agent.
• Price it right. The No. 1 thing that will sell a house quickly is price.
• Create an adjustable sales plan.
• Clear out the clutter.
• Offer incentives. Incentives can help shorten the sales cycle, but be careful. Agents are divided on how much they help.”I think it can be a fine line between wanting to sell a house quickly and having it look like it’s a fire sale,” Greenwood says. Roulac, however, believes that adding premiums can help speed a house sale. A popular incentive offered purchasers is closing-cost help. You also can encourage your sales agent: Offer a higher commission for a speedy sale or give your broker show tickets, a meal at a fine restaurant or some other perk if the property moves quickly.
• Don’t get distracted.
• Ask for company help. If you’re relocating because of a job change or company transfer, you may be eligible for home-sale help from your employer or a relocation company representing your employer.
• Rent it.

Our take on these home selling tips

If you’re looking to sell your house fast, it’s not good advice to rent out your house.  Renters will distract buyers and impact the cleanliness and clutter in your house.

If you have the time and cash to list your house with a real estate agent and offer incentives, that is a good path to take.  Choosing to list your house with an agent is a long term contract and provides not guarantees that you will sell your house.

To guarantee that you get an offer, contact a real estate buyer or a we buy houses company in your local market.  You will get a cash offer, typically within 48 hours and many times you can have your house sold in 10 days or less.

Can I sell my house for less than I owe?

Can You Really Sell for LESS Than You Owe?

The short answer is Maybe.  Selling your house for less than you owe on your mortgage is not a simple task.  As you can imagine, your lender is not too eager to let you sell your house for less than you owe because they are in the business of lending money to make more money, not lose money.  When the bank allows you to sell your house for less than you owe, that is called a short sale.  Despite the name, short sales are not a way to sell your house fast.

So, why is the answer “maybe” and not Yes or No?

The answer is Maybe because the lender(s) MAY BE willing to accept a reduced amount when you sell. Why would they agree to that? They might agree if you, as the owner of the property, can prove a “hardship” that is so bad, the lender will be willing to settle for less than the current loan amount. You must have a legitimate hardship. Maybe you’ve experienced major medical problems, a divorce, a job loss, maybe a death in the family, or major financial problems; there are many situations that may qualify as a hardship.  Or maybe your payment adjusted and the value of your house has declined.

Who can I contact about a short sale?

Typically in every market there are real estate agents and real estate investors that specialize in short sales.  It is a very time consuming and tedious process to complete a short sale, so contacting a professional is in your best interest.  In most cases, the services of the agent or investor are free to you, the homeowner.  If you look in your local classifieds under “We Buy Houses” in the real estate services section, you can find investors that are looking to buy and negotiate a short sale on your behalf.  Contact us about your Arizona short sale.