Springfield is one of the most beautiful cities in Oregon. It still has the countryside feeling surrounded by the Mckenzie river. The river is among the most popular fishing streams in the Willamette Valley. This town is the real inspiration for the popular television show The Simpsons.
Although Springfield has been a prosperous and well-established community, the burden of the pandemic has left its mark.
Springfield homeowners are also struggling to keep their jobs, income, and property, which is happening across the United States.
Several Springfield citizens created income sources by owning rental properties. Residential homes or small apartment complexes. As a pandemic result, some tenants have lost their jobs and stopped making rental payments.
The measurements tied up homeowners so severely that many are about to lose their rental houses or are in a pre-foreclosure process.
Homeowners In Default
The Springfield real estate market has responded slightly slower than other metropolitan areas. Home prices went up to 15% compared with the same date year ago. However, other urban areas went up to 26%.
If you as many are behind on your mortgage payments, that is a situation that no one wants to experience. But even late payments are a part of everyday life. In fact, that is the situation more than 5 million homeowners share across America.
According to corelogic.com, Approximately one million homeowners remain at least six months behind on payments. In July 2021, 4.2% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure).
The serious delinquency rate — defined as 90 days or more past due, including loans in foreclosure — was 2.8% in July.
Homeowners in default should immediately seek the best solution in their particular situation. For some people, leaving the property and resigning themselves to facing foreclosure may be an option. But this decision will bring emotional and financial setbacks in most cases.
Experts believe that after the forbearance and moratorium programs get lifted. A cascade of foreclosures and abandoned properties will be imminent.
Homeowners behind on mortgage payments are encouraged to take action. There is information on the Oregon government website to help you avoid foreclosure. You will find the Oregon Foreclosure Prevention Program and tips on contacting your servicer to request a payment program.
Some homeowners notify us that they prefer to sell their homes before the damage gets greater.
Out of Time and Options?
Selling your home through traditional real estate channels could take months or even years.
Have you been concerned about loan approvals falling through, banks requiring costly repairs for mortgage authorization, and home buyers and realtors with a long list of unreasonable demands? Your worries are valid.
If you have tried to sell your home before, you must know how lengthy and expensive the process can be.
Working with an agent is the most common route people take when selling their homes, but if you don’t have much equity in the house, your options to sell quickly are even more limited. You may have to come to the closing table with a large sum due.
With a real estate agency, there are roadblocks and hoops to jump through when selling your house the traditional way:
* It could take up to a year to complete the process
* You have to pay closing costs, commissions to both agents’ service charges, etc.
* There are mountains of paperwork
* Your house must be immaculate.
* Your agent has other homeowners she may be working with and may not give you the attention your business need.
* A buyer can tie up your home for eight weeks and back out right before closing, forcing you to start the process over
* There is NO GUARANTEE your agent will sell your home.
Listing a house may take from 45 to 90 days to sell. In many cases, a realtor in Springfield takes up to 14 months. Meanwhile, the homeowner carries with expenses.
Homeowners in default, pre-foreclosure, foreclosure, or bad tenants have the option to sell the property. You don’t want to let the circumstances drive you into a desperate situation.
A foreclosure is an, unfortunately, situation that affects many angles of life. The stress generated for the feelings of impotence may damage other areas like work, marriage, relationships with relatives, and friends.
Let a house go, cause pain, family problems, negative credit score, and close the door for future financial needs.
Because time is essential, and money is the critical variable in a mortgage in default. A smart option is selling the home or the rental property.
Selling a home demands a process, but the traditional real estate sale process is not the most recommended when you need to solve your home problem immediately.
Selling the house for cash quickly is what a homeowner needs.
We buy homes in Springfield, Oregon. We pay cash for properties and close fast, seven days or less.
Selling Your Springfield House to Avoid Foreclosure
A foreclosure is a stain on your credit report that would last a minimum of 7 years. It is much better to have in your credit report some late payments rather than a court judgment.
People who have late payments and sell their properties can immediately start rebuilding their credit history. A foreclosure closes many doors and opportunities.
Is it quicker and more convenient to sell a defaulted property through a real estate agent or an investor as Better Off Home Buyers?
|Activity||Selling w/ An Agent||SOLD To Better Off House Buyers|
|Inspection & Financing Contingency*:||Yes, sales can fall through||NONE|
|Appraisal Needed:||Yes, the deal is often subject to appraisal – Seller pays the fees||NONE – We make cash offers|
|Average Days Until Sold:||+/- 91 Days||IMMEDIATE CASH OFFER|
|Number of Showings:||On average, 20 showings||1 (Just Us)|
|Who Pays For Repairs?:||Typically, The Seller. However, could negotiate repairs during the Inspection Period||NONE – We pay for all repairs|
|Commissions / Fees:||6% on average is paid by you, the seller||NONE|
|Closing Costs?:||2-5% on average is paid by you, the seller||NONE – We pay all costs|
|Closing Date:||45=90 +/- days after accepting buyer offer||The Date Of YOUR CHOICE|
Also, the seller is responsible for the expenses the property incurred during the listing, showings, escrow, and closing. That includes mortgage, maintenance, repairs, advertising, cleaning, and taxes.
The home median price in Springfield is $350,000. The average market price had increased by 15% during 2021. which means, on average home equity, is about 40% of the house value. $52,500.
Your Home Equity
A homeowner who goes into foreclosure may be losing a lot more than his credit score.
On top of that, the hassle of moving the family to another neighborhood, a new school district, and many more inconveniences.
Banks and lenders are aware of this situation. They know the headaches that millions of homeowners and small landlords are going through. They just hide behind the bushes waiting, like a predator ready to deliver the death blow to its prey. They want your home equity!
Real Estate agents don’t like to work with homeowners on default. They reject homeowners that can’t spend money on curve appealing, home repairs, and so on.
They assume that if a homeowner is behind on mortgage payments, he or she would not have the means to make the necessary repairs or adjustments to beautify the property. In short, they don’t want your business.
No doubt, the fastest solution for a homeowner or small landlord in crisis is selling the property. However, that must be a quick operation to be executed because the clock is clicking.
Better Off Home Buyers will buy your property in Springfield.
Let’s work together and reach a win-win deal.
Due to trends, in 2020 and 2021, home prices increased more than 20% in many cases.
This is good news for distressed homeowners. People can sell their property, receive cash quickly, pay off obligations and start all over again.
A quick sale with Better OFF Home Buyers works as follows:
- Contact us, fill the form on this page or dial our phone number directly.
- We offer a fair market price for your property in less than 24 hours.
- You have cash for your home in seven days.
Just have on account that by selling your house to us:
- You don’t need to expend money on home repairs,
- You don’t pay for real estate commissions and closing costs
- You don’t need to receive strangers in your house.
- You don’t need to risk your health to sell your property.
- You will get the money for your home as fast as 7 days.
- You are free to accept our writing offer at the time you decide.
- No pressure, no hassle.
Twenty-four hours after our first contact. We will visit your house; then, we will present with you a writing offer for your property. You are free to take the time you need to accept the proposal. We will work with your schedule.
After receiving the ok from you, our team of professionals will start working on the paperwork. You will have the money for your property in 7 days or less.
If you are selling your default, pre-foreclosure, or tenant-occupied property. Better Off Home Buyers will buy it.
We buy houses AS-IS.
Contact Us for more information.