In 2020, more than 214,000 properties in the US were in foreclosure. And while this number represents a sixteen-year national low, the reality is that one in every 12,000 homes is currently in foreclosure in 2021. 

Any property owner who has a mortgage is at risk of foreclosure, so it’s not something to be taken lightly. 

But if the worst does happen to you have an impending foreclosure, there is something you can do to stave off your creditors and save your home from falling into repossession: you can sell your property for cash. 

Here’s how selling your house for cash can help you avoid foreclosure in Chicago and lighten your financial burden. 

Pay Nothing In Realtor Commissions Or Closing Costs.

Selling your house for cash is a ready-made solution for anyone whose property is at risk of foreclosure. And finding a suitable buyer to sell to directly means you don’t have to engage an agent and pay a 3%-6% commission on the sale price.

A house buyer willing to pay money upfront will also be responsible for any closing costs, which means you get to keep all of the money agreed in the sale.

You Don’t Need To Worry About The Condition Of Your Property.

It stands to reason that if your house is at risk of foreclosure, you probably don’t have sufficient funds to complete necessary renovations and home improvements.

Fortunately, most cash buyers aren’t concerned with the condition of your property and will offer to purchase your home “as is”. This takes away the pressure of fixing that leaky roof or broken HVAC system before selling.

Complete Within Two Weeks.

Avoiding foreclosure is only possible if you can pay your creditors quickly. With the bank breathing down your neck, you’re likely to be wondering where on earth the money will come from.

But finding an appropriate buyer means you don’t have to wait months to sell your property. Most cash property sales are completed within two weeks, while some are even completed in as little as seven days. Being able to complete the sale quickly ensures you can stop your home from foreclosing.

Easily Find A Cash Buyer.

At this stage, you might be wondering how to find a buyer for your home in a relatively short space of time. The good news is that professional home buyers operating within Chicago, are perfectly positioned to make a cash offer on your home.

It’s a good idea to conduct some research into the professional buyers’ market, so you can find out more about the conditions of selling your house for cash. But doing so is an excellent way of avoiding foreclosure and paying off your creditors before your home is repossessed.

Avoid Foreclosure By Selling Your Home Today.

Understandably, foreclosure is something that we all want to avoid at all costs. But if you’ve recently encountered financial hardship, you may find yourself in a position where the bank is about to repossess your home.

Approaching a cash buyer and completing the sale of your home quickly is a viable way of preventing foreclosure and is certainly an avenue that’s worth exploring.