Can I Sell a Home in Pre-Foreclosure?

Can I Sell A Home In Pre-Foreclosure?

Foreclosure is frightening. This is especially true if you’re defaulting on your mortgage after a disaster, illness, divorce, or other tragedy that will knock you upside down and make you financially insecure. If you’re anxious about your mortgage payments and the possibility of foreclosure, Peace Home Offers is here to explain what you need to know about when selling your house in foreclosure and even how to sell your home before the Las Vegas foreclosure process begins.

Can I sell a home in pre-foreclosure in Las Vegas, Nevada?

Absolutely! If you have a house in Las Vegas, or any other city in Nevada, and you are at risk of foreclosure, you still have the option of selling your home before it goes to the auction by the mortgage lender. In other words, pre-foreclosure is the official first step in a Nevada foreclosure.

The home is foreclosed upon when the mortgage lender exercises its right to sell the property. Lenders provide the owner a duration of time to make payments or other arrangements before the property is sold. The lender will then auction off the property. Announcement of the Sale must be made four weeks prior to the auction. During this period, you as an owner can sell the property, refinance, make any outstanding payments on the property, negotiate a loan modification with the lender, or file for bankruptcy.

When will it be too late to sell during foreclosure?

You technically have until 5 days before auction to pay off any outstanding balance including arrears, fees and liens, owed to the lender, however, it is best 2 provide at least 2 weeks before that to process any “paperwork”. 

Being that most residential foreclosures in Las Vegas, Nevada are nonjudicial, meaning that foreclosures can be settled outside of the court, which is both faster and cheaper for the lender, you’ll need to move quickly. Unlike some other states, Nevada law doesn’t provide a redemption period following a nonjudicial foreclosure sale. (Nev. Rev. Stat. § 107.080). Once it’s auctioned, it’s gone for good.

What are my options?

  • Reinstating the loan ( for owner-occupied housing, by paying the arrearage, costs, and fees.)
  • Redeeming the property before the sale (paying off the loan in full)
  • Filing for bankruptcy
  • Loan modification (only under special circumstances and based on your credit)
  • Sell the property (See below)

How can I sell my home during pre-foreclosure?

Here are several options for selling your home when you are facing foreclosure in Nevada. You can put your home up for sale and possibly hire a real estate agent. Which is the traditional way. It’s common to go this route since you as a homeowner want maximum value, but unfortunately you wouldn’t have the luxury of waiting for months or potentially, even years to deal with the hassle of selling your home, and in a pre-foreclosure scenario, you won’t have that time. There is only a few weeks’ notice for the auction, which would make it difficult to sell the house through a real estate agent in the traditional method. 

This brings us to another option which includes ways to sell quickly, you can get a quick, easy cash offer from a real estate investment company like Peace Home Offers. These companies buy homes that they see great potential in – whether for flipping, rentals and more. They can close quickly, pay cash (no waiting for finance approval or appraisals) with no closing costs or any out of pocket expenses to you, the seller.

Since you’re on a deadline, the sooner you sell the better for you to get rid of this stressful situation. You’re probably thinking “I need to sell my house fast in Las Vegas”. The selling process can be a bit of a challenge and unpredictable, especially trying to sell in today’s market. So figuring out a plan to sell your house quickly is your main concern now. We’ve got you covered. We’re here to free you from the hassles and stress and more importantly to avoid foreclosure. 

If you’re facing foreclosure and you want to sell a home fast in Las Vegas, just avoid this nightmare. The team at Peace Home Offers can help you. We buy houses in cash, and we close a sale according to your timeline. Call us at (702) 623-8705 or contact us online today to avoid foreclosure and get on with your life quickly. Start the easy home buying process even if your home is the most distressed home in Las Vegas.

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Peace Home Offers encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.

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