How to Sell Your Ohio Distressed House Fast Before Auction
“Can I Sell a Home in Pre-Foreclosure?”
Is your house in the late stages of foreclosure? If so, the bank may be on the verge of selling your house at auction. When this happens, you may be out of options for paying your mortgage or getting your house back. So, your best option may be to sell your distressed house fast, which may cease the foreclosure process and help you pay off your mortgage.
However, if you are planning to sell your house on the market, you may not find a buyer and close the sale before the house goes to auction. If you want to sell your home in pre-foreclosure, the fastest way to sell your house is to work with a company that buys houses in Cincinnati, Ohio. You can get cash for your house, pay off your mortgage, and walk away without hurting your credit.
What Is a Distressed House in Ohio?
A distressed house is a property that is on the verge of foreclosure. The bank may have repossessed the house and is planning to sell the house at auction. As a homeowner, it is important to know when your house goes into distressed mode and what you can expect during this stage of the foreclosure process.
What Is the Fastest Way to Sell a Distressed House?
The fastest way to sell your distressed house is to sell your house as-is for cash to a company that buys houses in Cincinnati, Ohio. The process is easy, and it costs you virtually nothing to sell your house.
Why is a cash sale so fast? There are several reasons:
- Make no repairs to the house – save time and money.
- A professional home buyer can close a sale in as little as seven days.
- You don’t have to hire a real estate agent.
- Skip listing the house on the market and showing the house.
- Work with a pre-qualified buyer that has the capital to pay cash for the house.
Plus, you can sell your house regardless of your current legal or financial situation. A lender is more than happy to work with a pre-qualified buyer who has the cash to buy the house instead of financing it. A cash sale creates a win-win situation for all parties involved.
Is It Legal to Sell My Distressed House to Avoid Foreclosure?
Yes! You can still sell your house during foreclosure if you can find a buyer and close the sale quickly. Currently, there are no Ohio laws that prevent you from selling your house and getting out of your mortgage, as long as you satisfy the terms of the loan agreement. If you can sell your house and get the cash to settle your debt, the bank may even work with you to adjust the loan balance or waive any early fees.
If foreclosure is a part of a bankruptcy, you can still sell your house legally during bankruptcy. There are no laws preventing the sale. However, you will need to work with the judge and the mortgage lender to make arrangements for the sale. In most cases, a judge will grant a sale – especially a sale that puts cash in your hand and allows you to pay your debts quickly.
Is There a Foreclosure Redemption Period in Ohio?
Ohio has a foreclosure redemption period of 12 months. Under Ohio law, you have 12 months to catch up on your mortgage and reclaim the house after the foreclosure sale.
There are certain conditions or exceptions to the redemption allowance. For instance, if you default on your mortgage before paying one-third of the balance, you only have a three-month redemption period. If there is a redemption waiver in your mortgage agreement, the bank does not have to follow the redemption period. As a result, the auction sale is final. Naturally, if you abandon your property, you also forego any redemption rights.
How Do I Get Started with a Cash Sale?
Getting cash for a distressed house is easy. Follow these five simple steps.
- Contact a company that buys houses in Cincinnati, Ohio.
- Schedule a quick walkthrough with a home buyer.
- Get a fast cash offer within 24 to 48 hours.
- Accept the offer and schedule a close date.
- Sign the paperwork and get a check from the buyer.
In most cases, the entire process only takes between one to three weeks. Best of all, it costs you nothing to sell your distressed house. You do not pay for repairs, closing costs, or realtor commissions.
Get a Fast Cash Offer from Neighborhood Enrichment
If you are trying to avoid foreclosure and need to sell your distressed house fast, let our team make an offer on your house today. At Neighborhood Enrichment, we buy houses as-is – no need to make repairs or list your house on the market. Call 513-586-4237 to get a fast cash offer.