Financial hardships are stressful and overwhelming, so if you need tips for selling your house during bankruptcy, you’re not alone. Bankruptcy is not where anyone wants to be and the thought of losing your home can be devastating.
However, if trying to make mortgage payments is just too difficult, hanging on to your home is not likely your best option. Selling your home to recoup your equity may be the one thing that can truly give you a fresh start.
4 Tips for Selling Your House During Bankruptcy
Education is power! Talk to people outside of your bank or financial institution to educate yourself on all your options. If you’ve already filed for bankruptcy with a Kansas City bankruptcy lawyer, the court will have appointed a trustee you can talk to that will oversee your case and play a major role in determining if the bankruptcy will be approved.
Talk to people about selling your home. Consult with highly experienced Realtors and companies that do as-is, cash purchases so you know timeframes and what it would be worth in a traditional sale and as a quick cash sale.
Sell vs Bankruptcy
When things are beginning to look bleak, people do things they shouldn’t in order to stay afloat, but more debt may not be your best answer. Selling your home can be the best option you have.
Going the traditional selling route will involve paperwork, lawyers, real estate agents, repairs; in other words, a lot of money, the money you probably don’t have or would be better spent on other things. Consider selling your home for cash as a quick and reliable option vs filing bankruptcy.
Time is of the Essence / Cash Home Buyers
The best way forward out of financial strains is to sell off assets to recoup equity and pay the debt down. Often, the quicker the better, in order to avoid compounding interest and fees. If your biggest asset is your house, then you can get the money you need quickly and easily from a reputable cash home buyer. If you have to sell your home, you want to do it quickly and get the money as soon as possible to pay down other debts you may have.
If you go with a cash home buyer, you won’t have to find a buyer or pay Realtor commissions, as the company is the buyer! You also won’t have to do any repairs or deal with inspections, appraisals, and lenders as you would in a traditional sale. These companies realize the importance of acting quickly and typically can close a deal in as little as a week or whatever timeframe is best for you. A huge bonus is that they often will be fine with you leaving any unwanted contents/trash at the home which saves you time and money!
Save Money, Don’t Spend it
It can cost a lot of money to sell a home the traditional way, and that is the last thing you need. You want to make money, not spend it. Selling as-is means you don’t need to spend money on repairs, staging, commissions, carry costs, or moving unwanted personal items.
One of the best options for selling your house during bankruptcy can be to sell quickly and for cash. Contact us to talk through all your options. Being a one-stop-shop as a licensed Realtor, appraiser, and cash home buyer, we can help figure out which route is best for you! If the traditional route of listing with a Realtor is best, we can definitely help you with that as well as give you a backup cash purchase option in case it doesn’t work out.
Do What’s Best For You!
Chances are, you will get a lot of different advice and ideas on what you can do regarding bankruptcy. Educate yourself on all your options in a very timely manner and pick the route that is best for your particular situation!