Lenders are in a unique situation when it comes to foreclosures. By foreclosing on a house, they’re expressing their intent to recover money that’s owed them, but they end up having to spend a lot of money in the process. Court costs in the foreclosure are quick to pile up. Not only is foreclosure an expensive prospect for a lender, it’s also time consuming. The process can take a long time to get through all the litigation, especially in Maryland, where the average foreclosure timeline is about a year and a half. The old adage “time is money” couldn’t be more true here. Not only does foreclosing cost a lot, but holding a foreclosed property presents a financial burden to the lender. The property may require renovations, and it will certainly require a real estate broker to sell it.
This is why lenders benefit from short sales. They avoid the lengthy and expensive foreclosure process and also avoid having the costs that come with selling the property after its acquisition. Short sales often reduce a lenders loss to a level that’s acceptable to just write off, which is easier and less expensive than going through foreclosure.
If your lender is foreclosing on you, keep in mind that they may be willing to go the short sale route. If you’re facing foreclosure and considering a short sale, you should know that finding a buyer for your home doesn’t have to be a difficult process. Gray’s Home Solutions will buy your home quickly. We’re looking for properties of all types across the state of Maryland. Whether your house is in pristine condition or if it has seen better days, we’ll make an offer fast. Best of all, in addition to our speed, you pay no fees or commissions when we buy your home.
Even if you’re not looking for a buyer, you can participate in our sellers referral program. Here’s how it works. Send us the phone number and property address for a For Sale By Owner or vacant property. We’ll take a look, and if we buy the property we’ll pay you $250 as a thank you for providing the lead.
Are you interested in learning more about selling your home fast? Our ebook has a ton of great information for you. We also have an ebook with information on how to avoid foreclosure, available for download here. They’re both free, so give them a look. You can also connect with Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.