If you own a home in Florida and you’re facing foreclosure, you may be wondering if you can still sell your home.
The short answer is YES, but it may not be as easy as selling a home that is not in foreclosure.
Receiving a foreclosure notice in the mail can be a stressful experience for any homeowner. However, it’s important to know that there are options available to deal with foreclosure other than simply letting the home go to auction. Read on to learn more about selling a foreclosed house in Florida, including helpful tips for getting out from under a foreclosed home before the bank assumes ownership.
When a home is in foreclosure, the lender has the right to sell the property to recoup their losses. This means that they may not be interested in working with you to sell the property. The lender has also likely started Court proceedings against you (Also – here’s 10 ways to stop a foreclosure). However, you still have a few options available to you.
What does Florida Law say about Selling a Foreclosed Property?
In Florida, lenders are usually required to provide homeowners with a “breach letter” if they default on their loan. In addition, federal law mandates that loan providers must attempt to contact the homeowner to discuss options like forbearance that could prevent the home from going into foreclosure. These provisions help protect Florida homeowners by giving them valuable time to either pay the loan in full or sell the home to a third party.
Florida law also allows homeowners to redeem their home by paying the delinquent loan in full along with any associated fees or interest before the certificate of sale is filed. This means from the date you receive your first notice regarding foreclosure up until the deadline found on the foreclosure statement, there are several options homeowners can explore to maintain possession of their property.
Can I sell my Home After Receiving a Foreclosure Notice?
The short answer is yes. From the receipt of the first foreclosure notice, homeowners have on average just over 900 days to either bring pay the balance due on their mortgage or sell the property. To sell a foreclosed Florida home, there are three main courses of action available.
Option 1 – Speak with a Specialist Realtor
One option is to work with a real estate agent who specializes in selling homes in foreclosure. These agents typically have experience working with lenders and can help you navigate the process. Working with an agent will help ensure you get a competitive market price for the home, even after paying closing fees and the agent’s commission. However, the main downside of selling a foreclosed home the traditional way is that it can sometimes take up to a year to close a deal.
Option 2 – Try for a Short Sale
When time is of the essence, your real estate agent may recommend putting the home up for a short sale. You may want to consider this option if you owe more to the mortgage lender than the property is worth.
To perform a short sale, you will need to get approval from your lender by providing proof of financial hardship that’s preventing you from paying the balance on your loan. Following the close of a short sell, you will be entitled to any extra money from the sale above what you owe to the mortgage lender.
If you are facing foreclosure, i’s important to explore all of your options before making a decision. A short sale may be the best option for you, but it is important to do your research and understand the process before moving forward.
Option 3 – Sell Your Florida House to a Cash Buyer
One final option that you may consider is selling to an all cash buyer like Florida’s House Buyers. This article will help you understand more about the advantages and disadvantages of selling to a cash buyer. In short, it’s a quick, painless process that allows you to receive a cash payment in as little as two weeks.
If you are unsure about whether or not selling your home is the right option for you, there are many resources available to help you make an informed decision. You can speak with a housing counselor or a real estate agent to learn more about your options and the foreclosure process.
No matter what you decide to do, it is important to remember that you have options. There is no shame in facing foreclosure, and there are many resources available to help you through this difficult time.
Tips for Selling a Florida Home in Foreclosure
Here are a few tips for selling a Florida home in the early stages of foreclosure.
Don’t Wait to Take Action
The longer you wait to put your home up for sale, the more difficult it will be to find a buyer within the foreclosure deadline. Immediately after receiving your first foreclosure notice, it’s a good idea to contact an experienced real estate agent or attorney who can provide helpful advice for navigating the situation.
Conduct Any Needed Repairs
It can be difficult to find a buyer for a foreclosed home in disrepair. If your house has roof or foundation damage, a faulty AC system, or electrical problems, you’ll want to take care of these issues as soon as possible. Remember, if you neglect maintenance and repairs, you’ll probably have to settle for a much lower closing price on the home.