What is a short sale and how does it benefit you in Indianapolis IN?

Chris

What is a short sale and how does it benefit you here in Indianapolis?

If you’re thinking that question about yourself… great question!

In this article we’ll dive into that question so you as a Indianapolis IN home owner can tell what your options are during foreclosure or just if your home mortgage is underwater.

What is a Short Sale and How Does it Benefit You?

A short sale can be a smart way to mitigate foreclosure (here’s a great definition of what a foreclosure is in case you’re not sure) on a mortgage, although they can be difficult to attain in today’s market, they often prove to be a simpler way to resolve any debt left over from a loan.

Short sales were really common in the market a couple years back when the flood of foreclosures hit the Indianapolis market… but as foreclosures have slowed down and home values have climbed back up a bit… lenders are a little less likely to offer a short sale as an option as they used to be (but they are still doing a lot of them!).

Here are a few reasons you may want to consider short sale on your Indianapolis home

You Avoid Foreclosure And The Harmful Effects Of It

The best benefit of short sale is that you avoid a foreclosure on your home. Your mortgage lender accepts less than what is owed on your mortgage, leaving you without the debt that you cannot afford.

Foreclosure can lead to all kinds of financial problems, starting with the inability to obtain a new loan for a home because a foreclosure stays on your credit record usually for up to 7 years.

Even renting will become more difficult as your credit score would be affected, and you often have to disclose a foreclosure on a rental application. Foreclosures can also last a long time (up to 7 years as mentioned above), making you wait years to even qualify for a new mortgage.

Credit Worries

With a foreclosure, you face all kinds of ramifications with your credit. Buying a car and renting a house may be impossible through the normal bank loan routes.

If you work with money at your job you could even face termination if your employer puts a lot of stock in that kind of thing (most employers won’t but it has been done before).

A short sale relieves the debt that is left over from what is owed on the mortgage, letting both the bank and the seller move on. A short sale is also easier on your credit score, which can allow a homeowner the ability to recover in the long run. Your credit report will only show a pre-foreclosure status, which reduces your credit rating minimally compared to a foreclosure.

Buying a New House

A foreclosure can last for a long time, making it impossible to purchase a mortgage again for up to 7 years.

Short sales offer a little more flexibility for the seller, allowing new home applications only 2 years after the filing depending on the bank. It also makes a mortgage lender more likely to approve your loan than if you had a full foreclosure, getting you back into a home faster.

Again, this all depends on the actual bank / lender you’re working with… so if they’re giving you a hard time a year or two after a short sale… shop around and find another bank to work with.

Usually No Fees Involved

One potential benefit of the short sale is there are usually no fees associated with the process from the bank.  The banks just want to get the note off of their books… and if it can be proven that your house is “underwater” (you owe more than your house is worth)… and you’re at the risk of walking away from the house… the bank may rather work out a short sale instead of going through a costly foreclosure.

With a foreclosure, your mortgage lender may tack on extra fees that only make the damage worse.

Some real estate consultants may charge a fee for helping facilitate the foreclosure with your bank… so check with them before you enlist a real estate agent or firm in helping you with this.

Our company, Chris Buys Homes in Indianapolis may be able to guide you in the right direction on how to give yourself the best shot at a bank approving a short sale with your Indianapolis area house… so connect with us by calling (317) 526-4712 or shoot an email to us through our contact page here.

Getting a Short Sale – What You May Need To Provide

You will have to provide the bank with proof of being unable to pay your mortgage payments. This can be difficult and is best resolved by finding a good real estate attorney in your area that has experience dealing in this type of law.

If you don’t know who to contact or where to turn to see if a short sale may be a good option for you… get a hold of us.

We won’t charge a thing to discuss your situation with you and let you know your options.

And we can even give you guidance and pointers at absolutely no cost or obligation.

Sometimes we’re actually able to do the work for you or even buy the house from you to get you out from under that mortgage… so that may be a viable option for you.

We buy Indianapolis houses and we work with home sellers like yourself who are having troubles getting out of your house the traditional way… or who can’t (or don’t want to) go the usual route of listing with an agent.

Get a hold of us anytime to discuss your situation. We’re here for you!

Or, if you want to see what we can offer on your house… click the link below and fill out the form on the next page. We’ll make a no-obligation cash offer to you within 24 hours. At least that way you know whether that is an option for you or not.

Get A Cash Offer On Your Indianapolis Area House Here >>

 

Who are the cash house buyers in Indianapolis IN?

Chris

who are the cash for houses in Indianapolis IN

Who are those “cash for houses in Indianapolis” guys anyway? This article walks you through finding cash buyers here locally…

You’ve seen the “we buy houses in Indianapolis” and “cash for houses” signs all around town when you’re driving around… even in other cities across IN… so who are these cash house buyers in Indianapolis IN?  Are they legit? How does it work?  Who should I trust?

We’ll dive into these questions here in this article… and don’t be afraid if you have other questions to hit us up on our Contact page or comment at the bottom of this article anytime as well!

Selling Fast: Who Are The Cash House Buyers in Indianapolis IN?

Selling your home in today’s real estate market, isn’t always the easiest thing to do.

If you need to sell fast due to divorce, job loss, pressures of relocation, or any other of life’s tribulations, this process can be especially formidable.

Luckily, there are ways for you as a local Indianapolis house seller to win! Selling to a cash house buyer can get you the cash that you need fast, while also taking your property off your hands so you can move on with your life.

Usually it will also relieve any pressures of repairs so you can sell your Indianapolis IN home as-is. Selling your house to the perfect cash buyer can be a quick and easy process.

First ask yourself, Who are the cash house buyers in Indianapolis IN?

Cash buyers will usually be investors (some locally based, like us here at Chris Buys Homes in Indianapolis… and some based out of town) whose goal is to create win-win situations and help homeowners like yourself.

Quick Tips to Remember When Looking For A Reputable Local Indianapolis Cash House Buyer

  • Price it right
  • Be honest
  • Be flexible

Price it right – When selling to a cash house buyer in Indianapolis, keep in mind that they’re buying with cash, instead of using bank financing… and they can close very quickly.  We can buy your house in as little as 7 days from today if you wanted to sell that quickly… rather than waiting 30 days to 9 months to sell your house the traditional “listing agent” route. This means that a professional house buyer won’t be able to pay as much as a retail buyer (someone living in the house) would.

This also means that you’re getting a quick/ hassle free sale and cash in your pocket so you can move on with your life! Check out this article on pricing your home to sell.  So don’t go into the process with expectations of getting the same price on a quick cash sale that closes in a matter of days or weeks that you’d get with an agent listing your house to find the ideal retail buyer for months and months and months.

Also consider in your pricing the fact that local cash home buyers like us here at Chris Buys Homes in Indianapolis don’t charge any fees or commissions.  So consider that a savings right there!

Be honest – Always tell the truth when giving descriptions of repairs and values. An experienced cash buyer will do their homework, so tarnishing a relationship and potentially hindering a sale in the name of saving a few bucks, is never worth it. Just be honest with your buyer and they will work with you.

Be flexible – Cash house buyers in Indianapolis can often come up with creative solutions to your problems. Be flexible, and willing to share and listen to make the best of your situation.

Sometimes after talking to many local Indianapolis area house sellers we’ll find out that there are other options that make a lot more sense for them… rather than us buying their house. So, be flexible coming in and we’ll let you know what we feel are the best options for your situation. If it means us buying your house in a win-win transaction… great!  If it means you selling your house another way (or even finding a way to stay in your house)… great!

All we care is that you’re taken care of in the process. That’s how we win so many long-term fans of Chris Buys Homes in Indianapolis who end up referring their friends and family our way when they need to sell their Indianapolis area houses fast too.

The bottom line is, regardless of how daunting the task of selling your home may appear, sometimes all it takes is finding out who are the best cash house buyers in Indianapolis IN.

Start Here: If you need to sell your Indianapolis IN area house fast, give us a call at (317) 526-4712 OR fill out this simple Fast Cash Offer Form >>

Foreclosure Effects In Indianapolis IN – What Sellers Need To Know

Chris

foreclosure effects in IndianapolisForeclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Indianapolis IN and what local house sellers need to know. First we will look at the effects and the ways of easing them.

Foreclosure Effects in Indianapolis IN to Sellers

  • Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in IN is of course the loss of the home to the bank.
  • Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. How much? It depends on how high your current credit score is… but the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points.
  • Depression and Stress – Your mental health is at stake because of the high pressure situation. Going through a foreclosure is emotionally exhausting and frustrating to say the least.
  • House Values In Your Community – Another one of the big foreclosure effects in Indianapolis IN is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area.

How You Can Ease The Effects Of Foreclosure In Indianapolis

For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the process.

First…

  1. Call your bank and work with them:  Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house.  Or, if you just want out of the house but you owe more on the house than it’s worth… see if the bank has any programs to lower the mortgage burden so you can get out from underneath it without it going through an expensive foreclosure.
  2. Talk with a local real estate expert, like Chris Buys Homes in Indianapolis: We know the local Indianapolis real estate market well and are very experienced in the foreclosure process here in IN.  Give us a call at (317) 526-4712 and we can guide you toward the resources that can possibly help you.
  3. Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Indianapolis houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house.  Just call us at (317) 526-4712 or shoot us your details through this website. 

With the above knowledge on foreclosure effects in Indianapolis – what sellers need to know, you can guard yourself by calling Chris Buys Homes in Indianapolis at (317) 526-4712 and we shall assist you in the shortest time possible to sell your house. However, to fast track the process, kindly fill out our website contact form to give us more information about you. We’d love to connect with you and help you find the best solution!