You will see many marketing strategies to ‘sell my house fast’ but if you want to sell your house fast during bankruptcy in Colorado, there are a few things to keep in mind. The first thing you’d like to do is to consult with a bankruptcy attorney near you. They can guide you on the legal aspects of selling your house during bankruptcy and ensure that you follow all the required procedures.
Is it okay to sell my house during bankruptcy?
Bankruptcies, including all chapters, total a seven percent increase overall, which correlates strongly with the seven percent increase in inflation. Many homeowners are overwhelmed by their debt. As financial issues due to circumstances beyond their control changed their ability to pay creditors, they find they have no option but to claim bankruptcy, which can stop a foreclosure on their primary residence.
Those with secured and unsecured debts totaling less than $2,750,00 are eligible for chapter 13. However, chapter 7 is a liquidation process in which the trustee sells your assets to pay debts based on your total income, debt, and ability to repay. Often, these homeowners want to sell their houses to solve at least some of their financial difficulties but wonder if it is possible during bankruptcy proceedings.
While the rules for the process may differ for the type of bankruptcy you file under, and many factors influence the final determination, for most homeowners, the short answer is yes. So read on as we explore how to sell your house during bankruptcy in Denver. Please note that this article is for informational purposes, not financial or legal advice.
How do I sell my house fast during bankruptcy?
Court permission
To ‘sell my house’ you’ll need to file a motion with the court for leave to sell real property or approval to sell your house during bankruptcy in Denver. You will want to include the selling price, your plans for the proceeds, and the names of creditors holding liens on the property. This motion allows your creditors and any trustee to object, with the court determining the disbursement of any funds.
Get a valuation of your home
Another part of this process to ‘sell my house fast’ is that you will need to get an accurate valuation of your home before you put it up for sale. This will help you determine the asking price and also help you negotiate with potential buyers. Dragonfly Investment and Development can help determine the value of your home quickly. We would start with a comparative market analysis identifying your property characteristics and comparing it to recently sold homes. Remember, we buy houses for cash and we can work with you on listing on the market. Either way, start with a valuation to determine the best way to proceed. If you are looking for a cash offer for my house, it can be the best way to sell your home quickly and hassle-free.
Determine how much you owe
You will need to understand how much you owe on your home, including any outstanding mortgages and liens, which is essential. Work with your lender to get all of the information. If you want to ‘sell my house fast’ you will want to gather any and all information about debt and be transparent with the details.
List your home for sale
If you plan to list on the market with a real estate agent, ensure you work with an experienced agent dealing with bankruptcy sales. Once you have all the necessary approvals, you can list your home for sale. Be transparent with potential buyers about the bankruptcy proceedings and how they may affect the sale. Once you find a buyer and agree on a price, the sale can proceed.
We buy houses for cash to “sell my house fast”
Contingency
In a traditional sale, you’ll need to add a contingency clause to the contract to sell your house during bankruptcy in Denver, stating that the sale is contingent upon obtaining bankruptcy court permission. However, under chapter 7, the trustee may determine to sell the house if your home has high unprotected equity under your bankruptcy exemption. With the funds, the trustee pays any secured debts like the mortgage, provides you with the exempted amount you are entitled to and then satisfies any unsecured creditors with a pro ratio share of any remaining funds.
Proceeds
You may wonder what happens to any proceeds after the mortgage is satisfied when you sell your house during bankruptcy in Denver. Of course, much will depend on your homestead exemption. However, the proceeds will likely go towards paying any remaining unsecured creditors or paying for the bankruptcy case.
Planned payments
Under chapter 13, if you sell your house during bankruptcy in Denver, you will need to modify your planned payments. Depending on the realized sale value, you may pay your plan off earlier as the proceeds go directly towards the bankruptcy.
Itemized payoff statement
To ensure no fees remain to surprise you after you sell your house during bankruptcy in Denver, you should request an itemized payoff statement.
Best company to sell my house fast
Dragonfly Investment and Development
Don’t hesitate! With competition still driven by low supply and rising interest rates on the horizon, now is the time to cash in on your house, and the best way to sell your house during bankruptcy in Denver is to sell directly to the cash investors at Dragonfly Investment and Development. Our policy at Dragonfly Investment and Development is full transparency through every step of the process because we want you to decide which sales method works best for your situation. To that end, a cash investor from Dragonfly Investment and Development will detail your expenditures and potential profits from a conventional listing with an agent, vs. our offer, which you’ll agree is fair. At Dragonfly Investment and Development, we do this because we are your neighbors here in Denver, we care about our community and the people in it, and we want you to feel good about working with us long after the deal is closed.
The seasoned pros at Dragonfly Investment and Development have experience with sellers going through bankruptcy and have the solution you seek, providing you with a guaranteed closing date, charging no commissions or closing costs with no unpleasant surprises. If you’d like to avoid the work and out-of-pocket costs of prepping your house to list on the Denver real estate market, a direct sale to the cash investors at Dragonfly Investment and Development is the solution. The cash investors at Dragonfly Investment and Development never charge commissions, and there are no hidden fees. So you can put your wallet away and relax; you won’t even need to worry about showings when you make a direct sale to a cash investor from Dragonfly Investment and Development. For a no-hassle sale of your home during bankruptcy: a cash investor from Dragonfly Investment and Development will buy your house directly, as-is, for cash. Call Dragonfly Investment and Development at (720) 263-0121.