Resources
Foreclosure
The action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments. When someone doesn’t Pay their mortgage for more than 3 months it goes to the pre-foreclosure stage, and then a few months later the bank forecloses on your property meaning they take possession of your property, and they evict you. a foreclosure also damages your credit, personal history judgments and your future buy a home.
Our Advice
The best way to avoid a foreclosure is a straight sale meaning regular transaction to an investor for cash transaction and fast closing, The benefit is the homeowner walks away debt-free, Clear personal record, boosted credit, and has the opportunity to take loans in the future. The investor will Pay off your mortgage and you can walk away with monetary gains.
Short Sale
A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.
Our Advice
Our specialty is to negotiate homeowner’s behalf with the banks to reduce the amount of the homeowner's mortgage. To prevent the property to go into foreclosure. It’s beneficial for the homeowner when the bank lowers the amount and gets into an agreement with us. That way the homeowner will clear his personal records, boost his credit, and will be debt free. Which will provide an opportunity for a new future to purchase a new home.
Straight Sale
A straight sale is one where a property owner conveys the title to land and existing improvements. This type of sale is subject to the sales contract provisions and the buyer paying the full sales prices at closing. This type of sale is the most common in the real estate market.
Our Advice
Our recommendation is to do research about your property. Checking similar assets that are sold in your area, Check in what cap rate investors buying properties in your area asset. How much per SQFT getting sold. Luckily Novu doing the research for you and providing you a report with all the information you need to make sure you’re selling the property in market price.