While the housing market is fairly strong currently, many people in Detroit MI are already starting to struggle to make their mortgage payments. The pandemic over the last couple years has caused job loss and other issues that has caused many folks major financial burden. Keep reading if you need to avoid foreclosure in Detroit.
If you are underwater on your home, or may begin to have trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose. Thankfully, there are a number of things that you can do to avoid foreclosure in Detroit. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
The Devastating Consequences Of Foreclosure In Detroit For House Sellers
If you are trying to sell your house, you may be finding that it is more difficult than you had expected… especially if your house has any repairs needed that buyers just do not want to deal with.
In this article we will be diving into some of the devastating consequences of foreclosure in Detroit for house sellers.
Local Detroit House Buyers Have Lots Of Options For Houses But Fewer Options For Financing
There are floods of homes that may be coming on the market very soon, and thanks to the economic and pandemic turmoil in recent past (and still going on in some areas), some types of houses just may not sell as fast as they would have just a few months ago… while the “sweet spot” type of house (3 bedroom 2 bath in the middle to lower-middle price range) are selling at a good clip.
Part of it is because the pandemic caused so many good folks to lose their jobs… there may be stockpiles of foreclosed houses in Detroit that will trickle into the market from banks… and buyers are more choosy than they were in years past because many of them have learned that you can no longer buy a house and bank on the fact that it will appreciate a 3%+ a year in value.
If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your Detroit house fast, right?
If it seems like you keep putting more money out to improve your home (or if you have repairs but just do not have the money to do those repairs), but it can be possible that in the future you may have a hard time selling your Detroit house, and you definitely are not alone. No one likes to see their home picked apart, criticized, or devalued, but that is exactly what some sellers are dealing with and will have to deal more in the near future.
Worse yet, due to the devastating consequences of foreclosure in Detroit, many sellers in the area who will want to hold out for the price they want are getting little action and no offers at all… sometimes leaving the house on the market for months on end.
How Foreclosures Will Drive Local Housing Prices Down
If and when the housing market crashes and the foreclosures began to roll in, it floods the real estate market in Detroit. That means that there is more inventory on the market. When that happens, that drives the price of all the other houses down because there are more options (at lower prices) for buyers out there.
When there is more inventory than buyers, it devalues the homes for sale. And this may occur beginning very soon.
The jury is still out on whether we will land in a foreclosure hole or not. But there may be lots of foreclosure houses in the Detroit area very soon, if it has not already started.
But, there are some things you can do in a foreclosure market to reach your goals with selling your house and avoid foreclosure in Detroit.
Selling Your House In A High Foreclosure Market
If you really want (or need) to sell your house you have a couple options you should look at.
- If you do not need to sell your house fast and can wait the market out… Get A Great Real Estate Agent On Your Side: If you do not need to sell your house fast and you can pay the real estate agent commissions… it may be best for you to just wait the market out and give it some time for that perfect buyer to come your way and pay the price you have been looking for. It may mean a few extra bucks in your pocket on the sale at a higher value. A great real estate agent can help you list the house and market it for you. If you cannot find a good local agent, just reach out to us and we can connect you with some great real estate agents we know in town who have shown they can sell a house fast. Email us over here for a Detroit area real estate agent referral.
- If you DO need to sell your house fast… look for quick sale options like selling your house to us: Selling your house fast in a market like this can be difficult if you go the traditional real estate agent route… unless you discount your house in a big way. Then on top of that discount you will pay some hefty real estate agent commissions… which takes even more cash out of your pocket in the end. Another option you should look at is selling your house to a real estate investment firm like Amaze Properties LLC. If you want to avoid foreclosure in Detroit, you have come to the right place because we buy Detroit housesand can make you a cash offer within 24 hours for a fair price. We are not looking to list your house… we actually are looking to buy the house from you… we take care of any repair costs after we buy it from you, then we either keep it as a rental property or we may turn around and invest our time, money, and expertise into selling the house to another home owner. It can be a win-win-win situation. If you are looking for full-retail value of your house, unfortunately we cannot pay that. We do need a discount so we can make a profit on our end, but you will not pay us any fees or commissions.
Now if you would rather try to avoid foreclosure, lets dive in on a couple quick tips on possibly how to avoid foreclosure in Detroit with your home.
The Keys of How To Avoid Foreclosure in Detroit Do Not Just Abandon Ship
Many people simply give up and walk away from their home. In the past there have even been areas of Detroit which began to resemble ghost towns, as the economy had impacted residents significantly.
This can be stressful situation, but it is very important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it can be extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Detroit are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. The federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Detroit are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure in Metro Detroit… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.
Reach Out To Us To Sell Your Detroit MI House Fast…
If you have any questions about our local Detroit house buying service just reach out to us anytime.
You can call us at (586) 991-3363 or reach out to us over on our Contact Page.
Or, if you’re ready to get a fair cash offer on your house today, just click the link below to go to our “Fast Offer” form… then fill out some basic info on your house and we’ll be on our way!