For many homeowners, going through bankruptcy is a challenging process, and the thought of selling a house can seem overwhelming. More so, financially and emotionally, because fees, court proceedings, and all of the jargon will make the process seem nearly impossible. Understanding what bankruptcy means for your house and the way forward is important. Depending on the specifics of your case, it could change a lot.
So let’s talk exactly why, given your options (and there are a ton!), Your situation is what it is. As mentioned previously, you have a situation like all others in terms of selling a house after bankruptcy. But, more so, you are restricted again by the circumstances you put there.
In Marysville, So what can you do? What are homeowners such as yourself doing? Honestly, when it comes to the broad spectrum of selling options, your options are near-limitless. More so, the red herring comes to find the options that are worth your time and investment. Sure, you can wait 20–30 years and hope that the house market goes through its peak years a few times—the strategy that high-capital, low-effort companies use, such as We Buy House As Is.
Understanding Bankruptcy and Its Impact on Homeownership
Bankruptcy is a legal proceeding in which you put your money in and hold up a big white flag. If you’ve exhausted every other option, you wipe your hands clean, give your nice things to your creditors, and they leave you alone. (That’s Chapter 7. If it’s Chapter 13, you get to keep your property).
A Chapter 7 bankruptcy is what I like to call a “liquidator” bankruptcy. You are literally liquidating all of your non-exempt things to pay your debts.
A Chapter 13 bankruptcy is a “pay it back” bankruptcy. You keep your property. You can even get your house out of foreclosure. But you have to pay back your creditors. You have a nice three to five-year payment plan to do it.
Thank you, Fed courts, for understanding that I need a payment plan. Also, if you are filing for Chapter 13, you’re going to have to get a little GoPro and a calculator, put them together with duct tape, and end up on my Bitcoins for babies YouTube channel. We need to make an app!
The Fed judges say that you can keep $325.00 of your cash on hand as exempt. Where can I get $325.00? Oh… by filing for bankruptcy…
It’s helping me gain gently used baby clothes by taking out buyback loans from a gangsta-looking baby. Amazing.
Also…
See? Just like in crypto.
You might have to sell everything you own to pay back everyone you owe.
… then do it again in a couple of years.
Also, you might not ever get the respect of black United States of American citizens again.
Options for Selling Your House in Marysville
There are some definite pros and cons to the traditional method of selling a house—with a real estate agent. Agents understand the real estate market and know how to price, market, and negotiate their way to a potentially higher-selling price for a house. They also handle all of the paperwork and off-load a lot of the details to make the process more of a hands-off process for the seller. The downside to using this method is the agent’s commission (which tends to add up), and it may not be quick (especially in a haphazard real estate market).
Selling a house as is can be an attractive prospect. If they don’t want to hassle with getting the place fixed up, some homeowners like to wash their hands of the entire process and let someone else deal with it. Repairs and stuff? Bah! Let the buyers take care of it. This process appeals to buyers who see this kind of house as their next project (flip). Cash buyers (and especially investors) are also looking for specific types of properties. This could mean a faster sale.
Cash buyers, such as companies like We Buy Houses As Is, do not play. They flip. They look to buy and get the deal closed fast. Brokers like to sling the term fast on the daily (it’s literally their motto). They never buy a house with the expectation that the deal will carry out for weeks or months. These buyers want to close and get started on their next project. They make a cash deal (so an instant offer), fill out some paperwork, and there you go.
Steps to Sell Your House in Marysville After Bankruptcy
For most people, selling a home after bankruptcy won’t be much different from selling a home in general. That’s largely because, once you have gone through bankruptcy, you will come out on the “clean end” financially—meaning, once you have cleared your slate, you will be able to move forward freely with your life, without any lasting negative effects. Here are the 5 steps to selling a home after bankruptcy in Marysville:
- Document Assembly: When selling a house, the most important first step is always to gather together all the necessary documentation that one will need to sell the home. This will include bankruptcy discharge papers (to prove the satisfying of debts) and your mortgage statement for your home (to show anyone who might be interested exactly what you are currently paying on your house financially).
- Appraisal: Next, you will want to get your home officially appraised. For those who have never sold a house before, an official appraisal is necessary in order to determine the exact worth of one’s home. You see, to successfully sell a property, you will need to know exactly how much your home is worth—to know what an adequate selling price is and to generally understand the real estate selling process. With an official appraisal document, you can know how much equity is within your home (if any).
- Choose How to Sell: This step is what incites most people to go “running for the hills,” and that is choosing exactly how one is going to sell his/her home. For some, the idea can seem so overwhelming (especially after enduring bankruptcy) that they are unsure what to do. To many, just “ducking and running” seems to be the best plan—but they don’t know where to “duck and run!” For those who are “considering making a run for it,” just hold on one second—we have something that might make the “race” seem a lot less daunting. Read on to the next step.
Working with We Buy House As Is
“We Buy House As Is”
Alternately—and this approach is particularly appealing for problematic homes in desperate need of renovations, although it holds for houses in good condition as well, depending on circumstances—homeowners could choose to sell their home as is. As the name implies, this means selling a home in whatever state it is in currently. If they need a new coat of paint for the walls, so be it. If some of the floorboards do not look quite right, that is fine too. This approach just takes the whole idea of making repairs and tosses it out the window, and never before have the words “no warranty” been so stress-relieving. Even better, sellers can forget about getting a return on investment for some ridiculous home-refresh gig that was entirely too noisy (and also, where did we put that crystal vase?) to begin with.
Cash Offers Are Quick
Once a cash offer is accepted, homeowners might find that they are able to close in as few as seven—SEVEN—days. Isn’t that ridiculous? (We think it is.) Compare this to the months homes can linger on the open market, showing after showing, price cut after price cut… any sane person would start to see the lights. It is uncertain. And you know what is not uncertain? Cash offers! Cash offers equal certainty. The path is simple: Get offer; accept, then close. Once again, the reasons for this are exactly the opposite of what makes our previous section on offerings true; homeowners are saved from the troublesome predicaments that are contract negotiations, inspections.
Note what kind of people might like to close quickly—and make a sale quickly even—just for selling quickly’s sake. Perhaps some have an urgent career shift and cannot afford to wait around for that. Perhaps they need to move quickly into a new housing situation and would rather just cut ties completely—sell their house for peace of mind. Cash offers are fast! Faster than that 6-7 Lyft, which is saying something.
Cash Offers Are Fair, Often Competitive
This is our final point worth emphasizing, and we will look to a little character case study to illustrate it. Bonus for those of you still with us.
Perhaps a pair of homeowners have inherited a home from their relative and elect, after some deliberation, to sell said home. However. There is a great deal wrong with the home—think ’90s Syndrome—and it clearly has not seen a broom or soap for years.
Seemingly, the best route is to bill Jim’s Reno King for a consultation. But they do not—who wants another dollar-store Granite Pro when you got the last one for free, after all—and instead elect to ask a cash-buying service for an offer. The offer comes to be very fair. They are both surprised and consequently happy with the quick turnaround and the sale otherwise. The home purchases go through quickly—ten days—and soon they are both free to go about their lives, settling the estate and whatnot. Generally free of worries. This is good stuff.
Cash is quick, generally simple, and good for peace of mind: the case for selling an “As Is” home for cash.
Damoclean doubt sways over a house’s fate during bankruptcy – ergo selling a house after bankruptcy must be considered with due care – for:
- … that is where you live
- There’s the rub… a. A start over b. Mental relief from the troubles stemming from not being able to pay bills outright, and the incessant hounding of creditors; plus
c. Knowing that you will no longer need to worry about the unpaid debts prior to a bankruptcy filing. After evaluating individual circumstances, the alternative property outcomes of a house you own will have been considered – in your best interests – and you will have been left with the option to sell anyway after bankruptcy.
Selling a house! Quick. Simple. The process of selling a property to a spec development company like us at We Buy House As Is is hassle-free.
Get on with your life. Accept us as having found a path cut out of a living nightmare. GET IN TOUCH! Always ask We Buy House As Is first about selling property: Contact us for a no-obligation quote – get your house picked up for CASH!