If your home is in foreclosure, you might feel like the odds are stacked against you. Some people end up ignoring the problem, hoping it will go away, but this is sure to leave you in a bigger hole. This is why it’s best to face the problem and explore your options. Foreclosure doesn’t just happen overnight.
Let’s learn more about the foreclosure laws in South Carolina and your options for selling your home.
Foreclosure Process in South Carolina
If you’re going through the foreclosure process in South Carolina, it’s important to know your rights as there are protections for homeowners. For example, you must be contacted no later than 36 days after missing a payment and again within 36 days after each subsequent delinquency. A foreclosure usually can’t start until you are more than 120 days late on your payments.
Foreclosures in South Carolina are judicial, meaning that the court handles the process. As part of the process, there is a foreclosure intervention that gives you the opportunity to negotiate potential alternatives to foreclosure. If you don’t request this intervention, the foreclosure case will proceed.
As long as the courts determine the foreclosure is valid, the process moves forward and a public auction of the home is scheduled. However, foreclosure isn’t the end of the road. It’s possible for the lender to seek a deficiency judgement against you for the debt owed. And, your credit score will take a major hit.
Selling a Home after a Foreclosure Notice
Most people start missing payments due to financial difficulties, which is certainly not uncommon these days. But just because you’re struggling financially doesn’t mean you don’t have options. The best approach is to get ahead of the problem and work with your lender to find a solution.
When you receive a foreclosure notification, you can still sell your home independently. And this may be the best option becuase your financial problems aren’t going to disappear. By selling the home, you can get money to pay off the mortgage and even some of your bills. You can then move to a more affordable home or apartment.
What many homeowners don’t realize is that they have equity built up. Here are the steps to follow when selling a home in foreclosure:
- Find out how much your home is worth. You can find out a rough estimate by using an online home value estimator.
- Determine what you owe on your mortgage. Find out from your lender how much you owe on your mortgage. You will have late fees to account for as well since you’ve missed payments.
- Subtract selling fees. It costs money to sell a home. Factor in the costs for a realtor, seller concessions, closing costs and moving.
- Talk to your lender. Maintain communication with your lender. Most lenders will work with you to sell your home rather than letting it go into foreclosure.
Reasons Not to Sell a Home in Foreclosure with a Realtor
Selling a foreclosure the traditional route costs money and takes time. But when you’re in foreclosure, you don’t have months to sell your home. You need to sell it quickly before the auction takes place. Here are some reasons why we don’t recommend selling your home through a traditional sale:
- You need as much of your equity as possible. If you hire a realtor, they’ll take around 6% commission from the home sale. If you don’t have enough equity from your home sale, you won’t have the money to pay for the realtor.
- Homes sold through real estate agents are listed and advertised on the MLS and other home sites. However, it takes an average of 3-6 months to sell a home. By this point, your home could be already auctioned.
Realtors bring a lot of the table when selling a home the traditional way. But when you’re faced with foreclosure, this route is generally not recommended. You need to sell your home as quickly and affordably as possible, something that can be done with a cash sale.
Benefits of Selling a Foreclosure for Cash in South Carolina
Cash buyers are private buyers who already have the money they need to purchase homes. This significantly simplifies the selling process because there is no need to work with the banks or realtors. Let’s cover the main advantages of selling your home for cash with Sell Your Home Upstate:
- As-is sale. Cash buyers take properties in all conditions. You are not required to clean or update anything. We take the home in its current condition!
- No closing costs. Our South Carolina home buying company covers all closing costs. We also work with local title companies so you don’t have to travel far.
- No commissions or fees. You don’t have to pay any realtor fees or commissions when you work with our cash buyers. We are the buyers and there are no fees to use our services.
- No inspections and appraisals. Are you worried that your home won’t pass an inspection? No problem! Home inspections are not required in cash sales.
- Fast process. Most of the time, we can close on a home within a week or so. This fits within the foreclosure timeline and avoids auction.
- No repercussions. When you sell your home for cash and pay off your mortgage debt, you can avoid a deficiency judgement and reduced credit score.
Sell Your Home to Our South Carolina Cash Buyers
No matter where you are in the foreclosure process, it’s important to recognize the problem and explore your options. Sell Your Home Upstate buys homes in all conditions and price ranges. We will be happy to buy yours, too!
Give us a call and we’ll take a few minutes to learn about your situation and your home. We can then provide you with a free, no obligation cash offer. There is never any pressure to accept our offers – they are here to help you make an informed decision. Call us today!