The most dangerous mistake you can make if your house is falling into foreclosure is to delay.
One seller waited nearly too late to avoid foreclosure.
What did this seller do to avoid foreclosure.
This particular person was loosing his inherited house to foreclosure.
The house needed nearly 20,000 in repairs and the seller had emotionally given up on it.
The seller found my “We Buy Houses” ad in the newspaper and gave me a call at 804/719-1489. He got me on the phone instead of a office assistance.
His house was nearly 1 hour outside of Richmond Virginia.
We setup an appointment.
The Seller almost was too late to avoid foreclosure
The auction was in under a week.
I offered to take over the payments of the existing mortgage, and give him some of his equity.
It was enough for him to start over.
After signing the paperwork, we ordered title work on the house.
This is for our protection as a buyer and your protection as a seller.
It took about 48 hours for the title research to be done, since this house was out in the country.
A title surprise almost derailed it.
This is where we ran into a title surprise that almost cost him the whole deal.
The last minute surprise almost caused the seller to loose everything to foreclosure.
He was not the sole owner.
He had inherited the house from his mother, but only his mother’s half.
Other siblings inherited a portion of the mother’s share.
To make maters worse, a former stepfather that the siblings didn’t like still owned the other half the house.
All told, there were 4 people on the title, and only 3 of them sharing 1/2 of the house.
How the Sellers decided to avoid foreclosure
We had the family have a meeting at the house. It was tense, it was tough, it was not an easy deal to assemble.
Siblings didn’t like the fact that an ex step father was on title.
Siblings didn’t like that their brother had been irresponsible and not made the mortgage payments.
No one liked that the portion of the equity we agreed to give to the seller was now divided into much smaller parts.
Their option was clear – everyone sign off, or loose the equity payment to auction.
Accept the cash in proportional share at closing by signing the agreement, or accept nothing because the house would go to auction.
Did I mention that the family meeting was the day BEFORE the foreclosure auction?
They signed and we bought their house
After we closed on their house, they got their various portions of their check, and we had a house to rehab.
We fixed it up with nearly 20,000 in repairs and then resold it. That same house is now pictured here:
Act Now to Avoid Foreclosure
Learn from this seller.
You have to act now to avoid foreclosure in Virginia. Don’t wait until the last minute.
Their last minute rush put them in a panic position when there was a surprise on the title work.
It is much easier to sell your house when it is not the last minute.
If you want our offer to help you avoid foreclosure (anywhere in Virginia), click here and see your options