Can I Sell My House in Foreclosure in Murfreesboro?

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Do you have a Murfreesboro TN house that’s in foreclosure right now? Many people going through the Tennessee foreclosure process want to get out from under that burdensome house and wonder can I sell my house in foreclosure? The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. The key is, the sooner you start, the better.

Can I Sell My House in Foreclosure in Murfreesboro? – How it works

There are a lot of folks in Murfreesboro who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.

Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.

Work With The Banks During The Foreclosure Process

  1. Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
  2. Don’t miss deadlines. If you are going to be late with a payment, call with advance notice.
  3. Remember that bankers are people too. Don’t be overly dramatic or demanding, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
  4. Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, their phone number and email address, what they said, and any promises made.
  5. Explore all your options, including short sale, loan modifications, and bankruptcy. A short sale is when the house value is less than the mortgage owed. A short sale does require the bank to approve the sale of the house and may counter and offer. Keep in mind with a short sale, the bank is losing money. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
  6. Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.

Sell Your House in Foreclosure

Selling your house in foreclosure may be your best option. Instead of giving your house back to the bank, sell it to save your credit and years of wearing the foreclosure ding for future house purchases. A person’s credit score drops 80 to 150 points when their house is taken back by the bank in foreclosure!

If you have time and your house is in good condition, selling it on MLS with a realtor will get you the most money from the sale. The question is how much time do you have, and can you afford to wait for 30, 60 or 90 days to sell and close on your house using a realtor.

Another option to sell your house is to work with a professional local real estate investor or direct buyer. Real estate investors have the cash to buy your house and close quickly, in as little as 7 days if you wish. The benefits are obvious with an investor. Do keep in mind the investor has to make a profit and cannot offer a full price for your house. This will have to be a discount transaction with you receiving cash and a quick close if you need it.

Sell Quickly

The key is to sell your house quickly because it saves you so much money and your credit. Once you know you are going to miss a payment, you should be researching and making plans how to overcome the foreclosure. Please don’t wait 2, 3, or months to decide “I can’t keep my house”.

Selling your house as quickly as you can make the process with the buyer and the bank so much better. The longer you wait the more interest and penalties accumulate. If you wait until 4 months in Tennessee, the lender will turn your file over to third party attorneys who will begin the foreclosing process.

Foreclosure

At this point, you can no longer make a payment and will have to pay to the bank all delinquent payments with interest, penalties, and attorney fees to save your house. If you are working with an investor, they will have to make all of the back payments, interest, penalties, and attorney fees to stop the foreclosure. You will receive less and less money from the sale of your house the longer you hold it.

Southern Homes Investments House Buyers

Southern Homes Investments helps homeowners in these situations. We can help you when you have missed your first payment, 2-3 months delinquent in house payments, and even stop the foreclosure before the public auction. Again, being proactive with selling your house fast will net you more money while saving your credit rating. It is extremely important to be decisive and move forward.

If you know you are going to sell your Murfreesboro house in foreclosure, call us now. We would love to talk to you and see how we might help you. We specialize in helping homeowners in difficult situations including foreclosure in Murfreesboro, Tullahoma, Shelbyville, Smyrna and throughout Tennessee. Let us help you in your time of need and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.

If you need to sell a property in Murfreesboro or any of the towns in Middle Tennessee we can help you. We buy houses Murfreesboro TN.

We buy properties like yours from people who need to sell fast. Please read about us online at SouthernHomesInvestments.com.

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Give us a call at 615-235-0612 anytime
or fill out the form over here today! >>

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Disclaimer: David Wright is a licensed real estate agent in Tennessee and this article is not a solicitation to list your house.

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