Do you need to sell your house to avoid foreclosure in Edmonton? In this post, we discuss the steps you can take to potentially stop the bank and save your credit.
Stop Foreclosure in Edmonton, Alberta
Halting a foreclosure in process is an unfortunate reality for too many families in Edmonton, Alberta. Hey, it happens to good families every day. While foreclosure rates are up due to Covid and economic issues, they are not expected to rise sharply. But its not your neighbor’s mortgage payment that concerns you…it’s yours!
Here is a list of the most difficult life events. It’s likely we have all experienced at least one or even several of these impactful events.
Even if you’ve made all the right moves up to this point in your life, all kit can take is one life event to derail your best laid plans.
Despite foreclosure rates being relatively low, people are still losing their homes to financial institutions. One life event can change your life’s trajectory in the blink of an eye. All it takes is a lost job, a divorce, or the loss of a loved one. People in the midst of a foreclosure often have other unfortunate events happening in their lives at the same time. And you can bet dealing with their mortgage lender is the last thing they want to do.
One potential silver lining in all this is that with a fast sale of your Edmonton house, you may be able to halt the the bank in its tracks AND avoid destroying your credit entirely. Read further to learn action steps and how to sell a home to avoid foreclosure in Edmonton.
Sell It Quick
There are two primary options when you need to sell your property fast in Alberta. You can opt to list it with an Edmonton realtor and hope that it sells super fast. Your other choice is to work with an Edmonton cash house buyer who can guarantee you a firm sale date and sale price.
Look, it’s no secret that a cash offer on your house will typically be less than what properties sold on the MLS will get. There is a price you pay for convenience and simplicity. Just remember that by working with a local cash house buyer, you won’t have to deal with any renovations, sales commissions, or marketing costs. You will be able to sell your property quick and move on with the next phase of your life.
If you choose to list your Edmonton home, be advised that it can be a risky proposition. Depending how far along in the Alberta foreclosure process you are, if your property doesn’t sell right away, your mortgage lender may be able to foreclose on it before you may have found a buyer. To stop foreclosure, you will need to make your home as appealing as possible in your photos AND price your home to sell quickly. You need your Edmonton property to get noticed and not overlooked by potential buyers.
You will need to find a buyer who will be can close on the house super quick, as any delay could cost you the entire deal and by extension the house. There are some Edmonton real estate agents who specialize in foreclosure sales. So if this is the house selling route you want to pursue find a fully-qualified agent who knows exactly how to make the sale happen.
Plan Your Next Move Ahead of Time
A direct house buyer like Sunrise Home Buyers can provide you with options and solutions. The speed and flexibility they offer can really decrease the stress and anxiety that typically characterize the Edmonton home-selling experience of many.
When you work with a direct buyer such as Sunrise Home Buyers, they will be ready to close in only a matter of days providing they can view your property. Having said that, you will need to be ready to act too! It does happen where a house seller in foreclosure can get a cash offer this week and close the following week! You will want to be ready to go if this house0-selling scenario presents itself.
So be prepared and determine your moving plan, account for all expenses and prepare your final destination. Step one is to take some time to declutter if you haven’t to this point. Get rid of items that need to be thrown out and consider selling some higher valued items to help decrease any moving costs. If you have the time and energy, you could even choose to have a garage sale to generate some quick cash for the items you won’t be taking with you.
Where Are You Going?
Part of deciding it’s time to sell is to know where you are going! If money is tight, purchasing a new home may be out of the question. Also, it’s unlikely you would be able to close as quickly as needed if you plan to move in. Sure you could opt to rent if you sell your house in Edmonton to avoid foreclosure. But then you will likely need to pass a credit check and come up with first month’s rent and a damage deposit.
If it comes right down to it, you may even have to take the dramatic step of asking family or friends if you could stay with them until you find new housing. Remember, a sale to a direct buyer can and does happen very quickly. If you are tied up with all the cleaning, packing, and moving, you may will not have the time to find the perfect place as well. So instead of rushing into a place that isn’t a solid fit for your housing needs, try staying with someone you know – for just a short time of course. And if that produces no results, ask around in your community as well. There are community or government programs to help struggling homeowners get back on their feet.
Do Not Delay
It’s unfortunate, but once the bank has begun their proceedings, it may be too late to do anything about losing your Alberta home. Fortunately, Alberta courts are quite lenient with home owners and will provide many opportunities for homeowners to catch up on their payment arrears.
There’s no avoiding the negative impact on your credit rating. And unfortunately, that will make it more difficult to buy another Edmonton property in the future. It takes much discipline and effort to build your credit back up once bruised….so if you feel you are at risk of losing your home, it is better to be proactive as opposed to waiting and watching.
The Alberta foreclosure process can sometimes take a surprisingly long period of time. The unexpected upside of this scenario is that it will allow you to stay in your home for an extended period. So if you choose to ride a foreclosure out in this manner, make sure you are planning your next steps and ready to go. Things can move at a snail’s pace for an extended period until they don’t. So be ready.
Even though you may feel things are out of your control or out of your hands, you will still need to act decisively and prepare for the next step. Sitting back and letting events happen TO YOU is NOT an effective way to navigate the Alberta foreclosure process. TAKE ACTION!
Will Damage Be Done?
If you can stop the foreclosure in its tracks, do it! It could be well worth the effort to sell your home to a creative cash house buyer and avoid the lasting effects of a foreclosure. If you can, why not avoid the damage it can potentially do to your financial future? Investigate your options.
Your best course of action may be to avoid a traditional listing with an Edmonton real estate agent and opt for a direct, no-obligation CASH OFFER from Sunrise Home Buyers. This way, you will be able to run the numbers ahead of time and ensure you don’t lose your property to the bank.