Bankruptcy is an overwhelming situation for homeowners. They need to evaluate the available assets and sell them if required. However, most people still need to be convinced about whether or not they should sell their houses.
So, suppose you have declared bankruptcy and are wondering if selling your house is a viable option. Do not worry! Detroit Cash For Homes has got your back. We are the leading cash home buyers in Michigan, assisting countless clients in dealing with their properties. Reach out to our representative to find a suitable solution for you. We have listed some reasons to sell your house if you have filed for bankruptcy or are planning to do so.
Why is it best to sell your house during bankruptcy?
We understand that it is not easy to give up on something you have personally invested in, especially a house. You might have some beautiful memories attached to it. Thus, it can be emotionally draining to consider a home sale. But selling it to cash home buyers in Michigan like Detroit Cash For Homes is better than losing it in an auction during a foreclosure.
1. Unemployment
One of the primary reasons people file for bankruptcy is because they are unemployed for a prolonged period. Are you in a similar situation? If so, then a home sale is an ideal solution. Why? You do not have enough funds to cover your mortgage payments and taxes. As a result, your property will face foreclosure. Besides this, it might increase other financial problems.
2. Overwhelming utility bills
During bankruptcy, it isn’t easy to manage utility bills. In many cases, you might have overwhelming pending bills that add up over time. If you fail to pay these bills, utilities like electricity and water supply will be withheld.
3. Debt
Borrowing money to meet daily needs can solve your problems temporarily. But if you are unemployed for a long time, you will slowly accumulate massive debt. After all, because of bankruptcy, you will not be able to pay for maintenance, utilities, taxes, and mortgage payments. Failing to pay loans regularly can make you drown in debt.
In Closing
If you have declared bankruptcy, selling your house through a realtor is a big no-no. The traditional route may take six months to years to close the deal. What if you lose a property in an auction before a buyer shows interest? Therefore, always go for a direct sale to cash home buyers like Detroit Cash For Homes. We buy houses for cash in Michigan without letting you undergo unwanted processes and repairs. Thus, you can sell a property in as fast as one week.
If your house is in poor condition, contact Detroit Cash For Homes. We buy houses in Michigan as-is without repairs and renovation.