Selling a house that is in foreclosure in Maryland is possible, but can often come with legal and financial challenges. Being in foreclosure is not necessarily the end of your hopes, as you still might have a chance to sell the home for cash to a company like High Speed Home Sale. High Speed Home Sale offers the most effective way to sell a foreclosed house fast in Maryland.
Understanding Foreclosure in Maryland
A foreclosure is the legal process by which a lender takes over the property ownership because the homeowner failed to pay their mortgage. In Maryland, the foreclosure process goes through the court system. During this time, the owner is often able to pay off the mortgage or even sell the house.
How to Sell a Foreclosure House Fast in Maryland
Here are your main options if you want to sell your house fast in Maryland during foreclosure:
Sell to Cash Home Buyers
You can sell your foreclosure property through cash home buyers in Maryland. A cash home buying company can make a cash offer in as little as 24 hours and close the sale in as little as 7 days. They buy houses as-is, so you don’t have to worry about repairs or lengthy inspections. They take care of all the paperwork and do not charge a commission or closure fee.
List with a Real Estate Agent
You can list your property with a real estate agent specializing in foreclosures. An agent can help you in marketing, staging and dealing with potential buyers. However, this process may take time, and you usually pay a commission and additional fees on closing.
FSBO – For Sale by Owner
The other possibility is selling your house on your own. You must do your own marketing, house staging, negotiating while managing all legal issues with the foreclosure. The process is often very challenging and only adds more stress when you are short on time with a foreclosure.
Why Sell the House Before Foreclosure
Foreclosure can cause long-term negative effects on your life. You will likely lose your house, destroy your credit score and hurt your chances of getting additional loans in the future. You can sell the house before foreclosure in order to:
Protect Your Credit Score
Defaulting on a mortgage or going through foreclosure negatively impacts your credit score. In Maryland, foreclosure can drop your score by 100 points or more. You can protect your credit score by selling the house for cash and paying off the mortgage before the foreclosure is finalized.
Leverage Your Equity
When your property is auctioned after foreclosure, you get nothing. The lender uses the money to cover the loans, legal fees, repair costs and realtor commission. By selling the property before foreclosure, you can gain equity in your investment. You can pay off loans and might still have some extra equity you can use for your next property or investment.
Sell Your Foreclosure Property to High Speed Home Sale
In Maryland, selling a house in foreclosure is difficult for many reasons. High Speed Home Sale provides a fast and easy way to escape this problematic situation. When you sell to us, you do not have to worry about lengthy processes, closing fees, legal work or the condition of the property. We work fast and provide no-obligation cash offers within 24 hours of contact. Our offers are market competitive and allow you to walk away quickly and possibly still maintain some equity. Don’t let foreclosure affect you in the long term. Contact us to get your cash offer today.