Foreclosure is a stressful situation that many homeowners face. If you are one of them, you are not alone. In 2022, some 324,237 houses were foreclosed on in the U.S.

If you are facing foreclosure and are reading this, you are in the right place. That is because Fair Deal Home Buyers specializes in providing foreclosure assistance to homeowners who are in dire need of a solution. Our team of experts can help you navigate the complex foreclosure process and find a solution that works for your unique situation. Whether you have equity in your home or not, we have several options available to help you.

If you have equity

If you have equity in your home, we can buy your house for cash. This means that we will pay you a fair price for your home—in cash, fast—that also makes sense for us after considering all the repairs and costs associated with the fixing up your house. If we make you a cash offer and buy your property, it means we can help you avoid foreclosure, so you can move on with your life worry free and financially sound.

No equity

Even if you don't have equity in your home, we can still help. We have extensive experience negotiating with banks and lenders to help homeowners avoid foreclosure. For example, we can work with your lender to come up with an agreement to buy your house through a short sale.

What is a short sale?

A short sale is a process where a homeowner sells their property for less than the amount owed on their mortgage, with the lender's approval. Usually, this is only done as a last resort when a homeowner is unable to keep up with mortgage payments and is facing imminent foreclosure. Lenders are often amenable to short sales because it is often cheaper than going through the entire foreclosure process. The benefit for homeowners is that a short sale helps them avoid foreclosure while minimizing the negative impact on their credit score.

Here are some other things to consider before considering a short sale:

1) You will need to provide evidence of financial hardship to justify why you are unable to pay your mortgage.

2) Your credit score may be negatively impacted, although not as severely as it would be in the case of foreclosure. The exact impact on your credit score will depend on your individual circumstances and the lender's policies.

3) You may be responsible for paying taxes on the forgiven debt (the difference between the sale price and the amount owed on the mortgage), although there are certain exemptions and exclusions that might apply.

Creative financing solutions

In addition to these options, we can also use creative ways to buy your home, such as “subject to” (the existing loan) or seller finance. Subject to the existing loan means that we take over your mortgage payments and assume ownership of your home. This strategy can be an excellent solution for homeowners who are facing foreclosure situations, but have little to no equity in their property.

Seller finance involves the homeowner financing the sale of their property, essentially becoming the lender for the buyer. This can be an attractive option for buyers who are unable to obtain traditional financing or who may need more flexible terms.

List it

Finally, if none of these options work for you, we can potentially list your house to try and find a buyer to purchase the house from us after we have renovated it. In this strategy, we will list your house on the market to try to find a potential buyer before we commit to buying your house. This way—especially if you do not have equity—we can attract a buyer who wants a fixed-up house, and then we can communicate directly with the buyer on what repairs or renovations they want done before we start any work.

You have options

As you can see, there are many options for homeowners who are facing foreclosure but want to avoid it. If you or somebody you know is worried about foreclosure, time is of the essence. Contact us as soon as possible because we can help you avoid foreclosure so you can move on, worry free, to the next stage of your life.