There has been an increase in the number of foreclosures in Long Island over the past few years. In the years from 2010, more than 1.24 million notices were sent to delinquent homeowners in Long Island and New York City. This shows the severity of the risk to your home if you’re behind on your mortgage payments. The foreclosure crisis can put you and your family at risk of losing your home.
Here, selling your home fast can save the day.
But, finding a buyer is also a complicated endeavor under such situations. If you’re aware of buyers who advertise as ‘we buy homes in Long Island,’ it can be a potential solution. Here’s how.
What Causes a Foreclosure?
People may get into foreclosure due to several reasons. During the recession of 2007-09, many homeowners were saddled with extremely high rates of interest on their mortgages. The trend continued through the following years, as well.
In Long Island, housing troubles happen due to crashing markets, weak economic conditions, and high property taxes. Whatever is your reason to get into foreclosure, it is always heartbreaking to lose your home like that.
The New York State legislature passed in 2009 requires mortgage providers to send pre-foreclosure notices to delinquent homeowner-occupants in every neighborhood of the state. This notice serves as a warning to get help and save your home from foreclosure.
You can take help from cash home buyers to avoid losing your equity in your property by selling it fast for cash.
How Can Cash Home Buyers Save Your Home in Pre-Foreclosure
While realtors won’t commit buying your home during the pre-foreclosure period, cash home buyers have no such hesitation. Even if you try selling the house in the open market, the process might take longer than you anticipated.
But, companies that say ‘we buy houses in Long Island’ can come to your rescue even if your home needs serious repairs. Being flexible and fast, cash home buyers can buy your property in As-Is condition to help you avoid foreclosure.
How to Sell Your Home to Cash Home Buyers in Long Island
Defaulting on a mortgage can put you in a dire financial crunch. It also affects your credit score, and you may have to start your finances again. Whether or not your lender pursues a deficiency judgment, you will get a mounting debt in your name.
This is where you should find a cash home buyer and sell your home fast. Follow these steps:
- Choose your home buying company, but beware of the scammers who advertise to sell your house quickly but don’t have reliable information to support their claim.
- Fill the review form and request a visit to your home.
- Show your house to the company representatives and be honest. Don’t forget to mention the repairs impending in the property.
- Once they finalize the deal, please choose the date when you want to get it done.
- Sign the purchase agreement and receive the cash from the buyer.
The process of foreclosure can be stressful. But, you can remain unscathed by selling your home fast to cash buyers in Long Island.