Las Vegas Nevada is home to many cash buyers who can purchase the home quickly, to avoid foreclosure and in turn, save your credit and save your equity! We handle the paperwork so you don’t have to speak to the bank or do any heavy lifting. Don’t make any repairs, and don’t pay any selling fees! Fill out the form below for your offer now.
We understand no one wants to receive a notice of foreclosure, and that is why we recommend not waiting until the last minute to sell. Many unfortunate families ignore the notices, and by the time they’ve accepted the fact that they must sell, it is too late. Foreclosure can occur from a number of reasons, including:
- Job loss and loss of income
- Divorce or death of a spouse or partner
- Mounting debt, including medical and credit cards
- Moving without being able to sell the home
- Natural disaster
Gr8housebuyers is a local & trusted company based in Las Vegas, NV. They have been able to assist 100s of distressed homeowners in the valley by making fair cash offers. They eliminate the hassle of dealing with real estate agents, title companies, traditional bank financing, and allow you take control of your transition.
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What is Pre-Foreclosure?
Once a homeowner stops making mortgage payments, the lender will foreclose on the home and sell it at an auction in an attempt to recoup lost funds. However, the bank usually sends a warning notice prior to allow an opportunity to catch up on late payments, also known as pre-foreclosure. This notice is called an NOD (notice of default) and usually has a deadline for when a payment must be made to avoid foreclosure. If payment is not made by that date, the lender will then send an NOS (notice of sale) stating when the home will be sold at an auction, which officially mean the home has been foreclosed on. Being foreclosed on not only causes you to lose the home, but it ruins your credit, making it nearly impossible to buy another property anytime soon.
How Long Can You Remain in Your Home After Foreclosure?
The process of foreclosure varies in many states, but the general order of steps are as follows:
- Missed payments resulting in NOD (pre-foreclosure)
- If NOD ignored, homeowner receives NOS
- NOS results in foreclose, which sends property to auction
- Once sold at auction, homeowner must vacate within specified time period
The amount of time to stay in your home after foreclosure varies with each state. The time period would depend on the type of foreclosure (judicial or non-judicial); but it usually ranges from anywhere between 4-9 months. During this time, your lender will be in contact with you to ensure you are aware of next steps.
Two Different Types of Foreclosure: Non-judicial & Judicial
What Is Non-Judicial Foreclosure?
The most efficient and affordable method for a lender to foreclose on a property in Las Vegas is called non-judicial. As the name implies, this method does not require the lender, nor the homeowner to appear in court, therefore saving on time and court fees. In the case of non-judicial foreclosure, your lender will repossess your home and sell it to recover any owed debt, which is also known as a “power-of-sale” clause. If your state allows for this method of foreclosure, then the lender will almost always take this route for the sake of convenience.
What Is Judicial Foreclosure?
In order for a lender to exercise a judicial foreclosure, they must first file a lawsuit which asks the court to issue a sale order for the home. If this happens, it is then up to the lender to deliver that sale notice to the homeowner. Once you receive the letter, you must respond with either the intent to pay, or make the decision to forfeit the home and allow the sale to proceed. If you choose not to respond to the letter entirely, the lender will automatically be rewarded the home and you will be forced to leave after the home sells. If the home sells for less than the amount of debt that is owed, you will be required to pay the difference between your remaining balance and the sale price.
Since home auctions are not like regular home sales, the home is rarely ever sold for market value. Even if your home is in immaculate condition, and worth more than what is left on your mortgage, the lenders goal is to make as much money is as little time as possible, so they are more than happy to sell the home at a large discount. Because of this, you may still find yourself owing tens of thousands (if not hundreds of thousands) of dollars for a house you no longer own! This is called a deficiency judgment. It’s an expensive and long process for lenders to take to try and recoup their debt, which is why most prefer a non-judicial foreclosure.
Get a fair offer today, and sell within days.
How to Sell Your House Before Foreclosure in Las Vegas, NV
Depending on your time frame and situation, here are several different ways to sell your house:
Hire A Real Estate Agent
In most cases, homeowners will usually reach out to a local real estate agent to sell the home on the open market. However, there are pros and cons to this option, especially if you are in a time sensitive situation such as foreclosure. Taking this route would require you to pick a knowledgeable agent who understands the foreclosure process and can ensure you will be able to sell on time. Even still, once the home has sold, you will lose more money, because that real estate agent will be owed commission, which is typically 6% of the sale price. When you’re already suffering from a mountain of debt and need every penny to pay back your lender, hefty commission may hurt you more than help you.
Keep in mind that no real estate agent can guarantee a closing date. Listing on the market creates the risk of the deal falling through last minute. This can happen for a number of reasons; the buyer got cold feet, didn’t qualify for loan, or they got another offer accepted. Real estate agents may promise a lot, but at the end of the day you’ll still need to find the right buyer and wait 30+ days for a traditional close. For some homeowners who are facing auction and eviction, even waiting one month might be too long.
Short Sale
If the amount of debt you owe on your home is more than the home value, your realtor may suggest what is called a short sale. A short sale is necessary when you owe more on your house than the property is currently worth (i.e. you owe $200,000 but the home is only worth $150,000). Though it may seem like a good option, it won’t be fast or easy.
First, you’ll first need to get your lender’s approval. To qualify for a short sale, you must prove financial hardship using documentation such as W-2s, medical bills, etc. For a situation such as loss of income, the lender will require that you prove that the loss of income is long-term and unlikely to turn around in your favor. If the lender approves the short sale, you will need to find a real estate agent and attorney that specialize in short sales, and they will still charge you the same amount as they would if you were selling your house with a traditional home sale.
If your foreclosure hasn’t dragged on for too long and you’ve maintained contact with your lender, it’s likely that they will approve the short sale. This allows them to avoid the time and expense of trying to foreclose on your property, while still recouping some of the loss from the missed mortgage payments. But for the regular American homeowner, the short sale will follow them for the next 5 to 7 years.
You may have sold the house and been able to pay off some of your debt, but the short sale can damage your credit the same as if you had declared bankruptcy. The credit unions include the delinquency on your mortgage(s) to your lenders and the short sale on their records, making it nearly impossible for previous homeowners to get a credit card, buy a car, or move into a new house or property for the same amount of time as a bankruptcy.
Sell Your House AS-IS to A Cash Buyer in Las Vegas NV
When it comes to selling, many homeowners believe you have to reach out to a local real estate agent. Although this is a popular option, it is not true. It is possible, and actually common for a homeowner to sell their home as a FSBO, or ‘For sale By Owner’. If you’re under a strict time restraint to sell your house before it is foreclosed on, this is likely your best option!
Some of the benefits of selling to a direct cash investor include:
- A quick stress-free closing
- No out-of-pocket costs (0 commissions/fess)
- No marketing/staging needed
- Leave behind what you don’t want (no repairs needed)
By selling your home as-is to a direct cash buyer, you not only avoid losing your home to an auction, but you can possibly sell it for an amount higher than the debt you owe, saving your credit in the process.
How to Prevent Foreclosure in Las Vegas NV
Pay Off Your Loan & Fees
The easiest way to prevent foreclosure, if not by selling your home, is by paying off the loan. Although not easy, this can be done by liquidating other assets or asking friends/family for a temporary loan until you’re back on track. Another option is to speak with a financial professional or CPA to help you restructure your budget and create a plan to catch up on missed payments.
Declare Bankruptcy
This being the last resort, bankruptcy can help you stop the foreclosure of your home, but at a cost. Not only is the process complex, but it will require a lawyer that specializes in bankruptcy law. Once the court approves your petition to file, you will be entered into a government-approved credit counseling program and the bankruptcy will be reported on your credit report for 7 years. A bankruptcy affects all areas of your life, including when you try to purchase a car, apply for a credit card or bank account, and can disqualify you from future rentals.
The Homeowner Affordability and Stability Plan (HASP)
HASP is a loan modification program available to borrowers who are at risk of foreclosure due to limited income. This government program was designed to help homeowners in the United States restructure their monthly payments to fit within a budget. If your debt is higher than your income, you may be eligible for the Homeowner Affordability & Stability Plan (HASP). Apply for the program here to see if you qualify.