avoidforeclosure.co

A cash offer

The simplest way I can buy: one price, one closing, and the loan is paid off. It works best when the house is worth clearly more than you owe.

Who holds the house and the loan in a cash offer
  • The house, today (you hold it): Yours
  • The house, at closing (I hold it): Sold to me
  • The house, later (I hold it): Mine
  • The loan, today (you hold it): In your name
  • The loan, at closing: Paid off at closing, from the sale
  • The loan, later: Gone

How it works

  1. You tell me about the house, the loan and where things stand. The form takes a few minutes.
  2. I look at the house and the numbers, and I make you a written offer with a price and a closing date.
  3. If you accept, the sale closes like any other sale. The money pays off the mortgage and the selling costs, and you keep whatever is left.
  4. You move out on the date we agreed to in writing.

Who it fits

  • If your home is worth more than you owe, selling is usually better for your money and your credit than a foreclosure, a short sale or a deed in lieu.
  • You want a firm date and don't want to fix the house up or show it.
  • There's enough room between the price and your payoff for the sale to close without your lender taking a loss.

What stays in your name, and for how long

Nothing, once we close. The house becomes mine, and the loan is paid off from the sale.

The risks to you

  • My price will be lower than what the house might sell for on the open market after repairs. I have to leave room for repairs, holding costs and selling costs. If you have time and the house shows well, listing it with an agent may put more money in your pocket.
  • If you owe more than my price, the sale can't close unless your servicer approves it as a short sale, which means selling for less than you owe.
  • You don't need your servicer's approval to sell when the price covers the loan, but telling them can help.
  • You don't have to pay anyone to help you avoid foreclosure. I never charge homeowners a fee for an offer.

What I need to see to make an offer

  • The address, and a few photos or a walk-through.
  • Your latest mortgage statement, or a rough payoff amount, and any other loans or liens on the house.
  • How far behind you are, and any foreclosure notice or sale date.
  • When you'd like to move.

Sources

  1. CFPB: Avoid foreclosure (consumerfinance.gov)
  2. CFPB: What is a short sale? (consumerfinance.gov)
  3. CFPB: If I can’t pay my mortgage loan, what are my options? (consumerfinance.gov)

Want me to look at your situation?

Tell me about the house and where things stand. I'll look at the ways I could buy it, and we can talk through how they compare with your other options. I never charge homeowners anything.

Ask about my house