We often meet sellers in Chicago who are facing foreclosure and other tense situations. For them selling their home fast is scary and often necessary. However, it is easy to say that and much harder to live through this.

We want to share some pros and cons with you today to help you understand the benefits and drawbacks of selling your home while in foreclosure.

Selling Your Home Fast Pros

1. Avoid foreclosure

By selling your home in Chicago fast, you can avoid the harsh consequences of foreclosure. The damage to your credit score and the risk of losing your home to a bank auction is the main reason sellers want to get out fast and get on with their life.

2. Avoid further debt

Opportunity to make a profit: If the value of your home increased since you purchased it, you might be able to profitably sell your home and pay off the mortgage at the same time.

By selling your home, you can pay off your existing mortgage and any other debts, which can help you avoid accumulating more debt.

3. Relieve the financial burden

Selling your home can relieve the financial burden of making mortgage payments and other housing-related expenses, giving you more breathing room in your budget.

Selling Your Home Fast Cons

1. Potential loss:

If you sell your home for less than the total mortgage amount, the lender might make you responsible for paying the difference, also known as a deficiency balance. This can create financial difficulties and lead to further debt. Often we work with sellers who need to short sale their home.

2. Emotional impact

Selling a home can be an emotional and stressful process, especially if you have lived there for a long time or have strong sentimental attachments to your home. We have worked with a number of homeowners over the years, and we get how scary it can be to leave a home you have lived in for years or decades.

3. Time-consuming process:

Selling your home is a time-consuming process that involves listing the home, finding a buyer, negotiating the sale, and completing the necessary paperwork. This can be difficult if you are facing a time-sensitive situation like foreclosure. That is why we can offer cash purchases on certain deals.

4. Market conditions

The housing market can be unpredictable, and factors like economic conditions, interest rates, and supply and demand can impact the value of your home and your ability to sell it for a fair price.

Final Thoughts

Selling your home in order to avoid foreclosure is a viable option once you carefully weigh the pros and cons. If you need help making the decision or have already made the decision, let us make the sale of your home that much easier. We buy foreclosed homes and can provide you with a free offer based on the value of your property currently. Schedule a time to talk by calling us at 312-379-9625.