Facing foreclosure can be an extremely stressful experience for any Northern Kentucky homeowner. Not only does it mean the loss of a home, but it can also have a significant impact on one’s credit score and financial future. Fortunately, there are options available for homeowners facing foreclosure, including working with direct property buyers in Northern Kentucky. In this blog post, we will explore how direct property buyers can help you avoid foreclosure and keep your credit score intact.
Understanding Foreclosure and Its Impact on Your Credit Score
We’ve all heard the term foreclosure, but what exactly does it mean? Well, foreclosure is the legal process through which a lender takes possession of a property due to the homeowner’s inability to make mortgage payments. When a Northern Kentucky homeowner falls behind on mortgage payments, the lender may initiate foreclosure proceedings. Sadly, foreclosure can have a devastating impact on one’s credit score, as it is considered a major derogatory event. A foreclosure can stay on a credit report for up to seven years, making it difficult for the homeowner to obtain credit in the future.
How Direct Property Buyers Can Help You Avoid Foreclosure
Direct property buyers are real estate investors who purchase properties directly from homeowners, often in cash. They can help Northern Kentucky homeowners who are facing foreclosure by providing a quick and hassle-free way to sell their homes before the foreclosure process is complete. By selling their homes to direct property buyers, homeowners can avoid foreclosure and keep their credit score intact.
In fact, a recent homeowner that Cristo Rey Investments, LLC worked with who was facing foreclosure had his credit score go up significantly when we purchased his home for cash. This was because he avoided the foreclosure and paid off other debts with the proceeds from the sale. This is the kind of win-win situation we at Cristo Rey Investments, LLC strive to achieve with every sale.
Benefits of Selling to Direct Property Buyers
There are many other benefits of selling a home to direct property buyers, especially for homeowners facing foreclosure in Northern Kentucky. Here are just a few of the advantages homeowners will receive when selling their homes directly:
A Fast Sale of Your Northern Kentucky Property
In most cases, direct property buyers can often close on a property in a matter of days or weeks. This is much faster than the traditional real estate sales process, which can take weeks or even months. A direct sale eliminates the need to find a buyer, pay excessive holding costs, or worry about the sale falling through at the last minute.
As long as there are no liens or title issues with the property, we can close very quickly, usually within a week, although even faster closings are possible. This can be a huge advantage depending on where you are in the foreclosure process.
A Cash Offer for Your Northern Kentucky Property
Direct property buyers typically offer cash for homes in Northern Kentucky. This can be extremely beneficial for homeowners facing foreclosure who need to sell quickly. A cash offer eliminates the banks, appraisals, and wasted time.
You may wonder how we at Cristo Rey Investments, LLC have enough cash to purchase multiple properties at the same time and make repairs to those properties. The answer is that only some of our projects are funded by our own capital. The bulk of our properties are funded by relationships we have established with hard money lenders and private lenders. These lenders are able to provide money to our company for purchases and repairs in very short time frames (usually within a day) because we have demonstrated our ability to close on a property, rehab it and get it on the market and sold.
No Repairs Required When Selling Your Northern Kentucky Property
Direct property buyers typically purchase homes as-is, which means homeowners do not need to make any repairs or renovations before selling. Without inspections or appraisals, homeowners can save both time and money. It’s as simple as packing up and walking away.
We’ll even take care of any trash you leave behind, so you can focus on more important things.
No Commissions or Fees When Selling Your House
Direct property buyers in Northern Kentucky do not charge commissions or fees, which means homeowners can keep more of the sale proceeds. Of course, every buyer is different, but when working with Cristo Rey Investments, LLC to sell your house, there are no costs to contend with.
Avoid the Foreclosure of Your Northern Kentucky House
By selling to direct property buyers, homeowners can avoid foreclosure and the negative impact it can have on their credit score. A fast sale can stop the banks in their tracks, saving both time and money. Even if you are already in the process of being foreclosed on, it may not be too late to sell the property and avoid foreclosure. Once we have the payoff amount from the mortgage company or bank, we can close within days.
How to Work with Direct Property Buyers
Working with direct property buyers is a straightforward process. Here are the steps involved to quickly sell your house in Northern Kentucky:
1. Contact a Direct Property Buyer: Homeowners can find direct property buyers in Northern Kentucky by doing an online search or asking for referrals from friends or family. Keep in mind that every buyer is different. Cristo Rey Investments, LLC buys houses locally and we pride ourselves on our honesty and integrity.
2. Schedule an Appointment: Once you reach out to our team and tell us a little about your property, we will schedule an appointment to have the property evaluated. This happens at your convenience.
3. Receive an Offer: After evaluating the property, we will provide you with a cash offer. There is never any hassle or obligation.
4. Accept the Offer: If the homeowner is satisfied with the offer, they can accept it and proceed with the sale.
5. Close on the Property: Once the offer is accepted, the direct property buyer will typically handle all of the paperwork and close on the property quickly. When you work with Cristo Rey Investments, LLC, you can rest assured that we will handle every detail.
Facing foreclosure can be a stressful and overwhelming experience for Northern Kentucky homeowners. However, it is important to remember that there are options available to homeowners. By working with direct property buyers in Northern Kentucky, homeowners can sell their homes quickly and avoid foreclosure, all while keeping their credit score intact. If you are facing foreclosure, consider reaching out to a direct property buyer to learn more about how they can help you. Reach out to our team to learn more about what we can offer you! (859) 912-7763