SELL MY DISTRESSED HOUSE FAST IN SALT LAKE CITY, UTAH
What Is a Distressed House in Utah?
A distressed house is a house that is on the verge of foreclosure. The house may be in the late stages of foreclosure or ready for auction. At this point, the bank has fulfilled the mortgage contract terms and plans to repossess the house. There are three main types of distressed houses.
1. Foreclosures
A foreclosure occurs when you can no longer make your monthly mortgage payments. The bank forecloses on the home and repossesses the property. Occasionally, the lender may accept a deed instead of foreclosure to assume ownership. In the case of a foreclosure, lenders are often anxious to sell these homes quickly under state laws.
2. REO Properties
Properties that don’t sell at foreclosure auctions are real estate-owned properties (REO). Lenders do not want the responsibility of maintaining or repairing these properties and may be willing to sell them at a discount.
3. Short Sales
If your house is worth less than your mortgage, it may be upside down in the mortgage. In this situation, you may be considering a short sale. A short sale allows you to get out of the foreclosure. However, it can also damage your credit.
“Where Can I Find a House-Buying Company Near Me?”
If you live in Salt Lake City, Utah, you can sell your house as-is for cash right now.Rock River Home Buyers works with home sellers in homes in these and other cities in the Salt Lake City, Utah area (contact us if your city is not listed):
We also buy houses in Farr West, Plain City, Bountiful, Woods Cross, Kaysville, Centerville, Fruit Heights, Farmington, Pleasant View, Harrisville, Hooper, and West Haven.