“Can I sell my house in foreclosure??” It’s a question we hear often at Bean Home Buyers. Do you have a Pensacola Florida house that’s in foreclosure right now? Many people going through the Florida foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure and spare themselves the headache of turning their house back over to the bank and having that smudge stay on their credit for the next 7 years.
The short answer: YES.
The long answer: it’s a little more complicated, but usually you can sell your property before foreclosure. Generally, the sooner you start, the better.
Can I Sell My House in Foreclosure in Pensacola? – How it works
There are a lot of folks in Pensacola 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 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.
Working With Banks During The Foreclosure Process
- 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. You want to show them that you’re a real person. A human being, who’s trying to make the most of a not-so-great situation and doing your best to produce the best outcome possible for the bank.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. This point ties into point #1. You want to show that you’re not just an account number that’s now in default. You want to show them that you are a person. When you take the extra step of being polite, personable, and proactive when speaking to the bank, who knows, the other person on the other end of the line could be someone who once went through the exact same thing you’re going through. But here’s a major Pro Tip for you: try and refrain from dumping a huge sob story to whomever you’re speaking with at the bank. While you want them to connect with you on a human level, it’s not going to help your situation AT ALL to play a victim to your circumstance to the bank. Be polite, stick to the facts, and tell them how you’re being proactive to fix this. I know it may be tempting to do but being overly dramatic isn’t going to help, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- 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, what they say, and any promises made. This can feel tedious and tiring, but it’s really important to build a “paper trail” of the conversations you have with them. Mainly, so YOU don’t forget what was said and when. But, also, so that you can reference past conversations, when needed, to clarify points in future conversations.
- Explore all your options, including short sale, loan modifications, and bankruptcy. 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.
- Don’t wait. Unfortunately, time is not on your side. Remember, stay proactive vs. reactive. The further behind you become on payments, the fewer options are available to you.
If you’re looking to sell your Pensacola house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Pensacola and the whole state of Florida get out of difficult situations 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. The sooner you jump on this, the better result you’ll have, so don’t wait.
If you need to sell a property near Pensacola, we can help you.
We buy properties like yours from people who need to sell fast.