Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
Foreclosure rates have climbed to new highs throughout the United States, making many homeowners wonder if they should sell their Washington, DC home before it is foreclosed upon. The answer is almost always yes. This practical way of avoiding foreclosure provides an opportunity to leave the home before the occupants are forced out, while also saving the mortgage-holders' credit score.
If the bank, credit union, mortgage lender or other interested party has begun the foreclosure process, the sales contract often will stop the foreclosure process. The mortgage lender is more interested in recouping their expenses than they are about owning your home - they are after all in the business of making money, not home ownership. This holds true for Washington, DC area homeowners who are facing an auction of their property, as a sales agreement will stop the bidding on the home immediately and the contract will be upheld.
In situations where the purchase amount of the home is more than what is currently owed on it, the difference is paid to the homeowner rather than the lending institution. This will allow the current homeowner to repay the lender and use the remaining funds to purchase a different home or simply put it in savings.
Perhaps one of the biggest reasons to consider selling a home before foreclosure is saving your own credit. The foreclosure process has a dramatic impact on the mortgage holders' credit score and can make it more difficult or even impossible to purchase obtain credit in the future. In situations where foreclosure has occurred, the person can expect to pay higher interest rates for any type of loan from that point forward.
When a home is foreclosed upon, the current owner or occupants are forced to vacate the dwelling nearly immediately, providing little time to prepare. While the foreclosure process is not expedient by any means and some warning should be received, when the foreclosure proceedings are complete, the lender takes immediate possession of the home in most circumstances. Selling a home prior to reaching this point allows the current owner or occupants to plan for the move and make proper arrangements for their new home and financial resources.
For more information on selling a home in the Washington DC area, contact Buckman Realtor. Michelle Buckman is an expert Washington DC Realtor showing the best Washington DC Real Estate. Michelle Buckman represents properties in Chevy Chase, Northwest Washington DC, Capitol Hill, and the up-and-coming Trinidad DC neighborhood.