Don’t Wait Until the Last Minute to Understand Your Choices
If you’re behind on your mortgage or have received a foreclosure notice, it can be difficult to know what to do next.
The important thing is to understand your options as early as possible.
At Aktiv Home Buyers, we work with homeowners throughout Chicago and the surrounding suburbs who need to sell a property, including homeowners facing foreclosure or pre-foreclosure.
Depending on your situation, selling your home before the foreclosure process is completed may be one option available to you.
No pressure. No obligation. Just a conversation about your property and your options.
Talk With Aktiv Home Buyers
Call us or request a no-obligation property evaluation.
Can You Sell a House While It’s in Foreclosure?
In many situations, yes.
Being in foreclosure does not necessarily mean that you have already lost the ability to sell your home.
The timing matters.
If you can sell the property before the foreclosure process reaches certain stages, the proceeds from the sale may be used to pay off the mortgage and other amounts associated with the property.
Every situation is different. The amount owed, the value of the property, liens, the stage of the foreclosure process, and upcoming court or sale dates can all affect the options available.
That’s why it’s important to find out where you stand rather than simply ignoring notices from your lender.
What Are My Options If I’m Behind on My Mortgage?
Selling your house is not necessarily your only option.
Depending on your circumstances and your lender’s requirements, homeowners may consider options such as:
Loan Modification
Your lender may be willing to modify certain terms of your existing mortgage.
Repayment or Forbearance
In some circumstances, a lender may offer a way to temporarily pause payments or repay missed payments over time.
Refinancing
Depending on your financial situation, equity and qualification requirements, refinancing may be an option.
Selling Through a Real Estate Agent
If you have sufficient time and the property is in marketable condition, listing your home traditionally may produce a higher sales price.
Selling the Property As-Is
If you need a simpler or potentially faster sale, selling directly to a real estate investor may be another option.
Short Sale
If you owe more than the property can reasonably sell for, your lender may sometimes agree to accept less than the full amount owed. Lender approval is required.
The right solution depends on your individual circumstances.
When Selling As-Is May Make Sense
A traditional listing isn’t right for every homeowner.
Selling your property as-is may be worth considering when:
- You’re facing foreclosure and time is becoming important.
- You’re significantly behind on mortgage payments.
- The house needs substantial repairs.
- You don’t have the money or desire to renovate before selling.
- The property has been vacant.
- You’re dealing with code violations.
- You’ve inherited a property you don’t want to keep.
- You’re a landlord dealing with a difficult rental property.
- You need a more straightforward sale.
- You simply don’t want to prepare the property for a traditional listing.
Aktiv Home Buyers purchases properties in a variety of conditions.
You Don’t Have to Repair the House First
One concern we hear from homeowners is:
“My house needs too much work. Who would buy it like this?”
That’s exactly the type of situation we can evaluate.
Depending on the property, we may consider houses with:
- Outdated kitchens and bathrooms
- Roof problems
- Plumbing or electrical issues
- Water damage
- Foundation or structural concerns
- Fire damage
- Code violations
- Deferred maintenance
- Unwanted belongings
- Tenant-related issues
- Major renovation needs
You don’t need to make the house perfect before contacting us.
We’ll evaluate it in its current condition.
How Selling to Aktiv Home Buyers Works
1. Tell Us About the Property
Contact Aktiv Home Buyers and give us some basic information about your home and your situation.
There is no obligation to sell simply because you contact us.
2. We Evaluate the Property
We’ll review the property, its condition, location and other relevant information.
If we’re interested in purchasing it, we’ll explain the offer and proposed terms.
3. You Decide
You decide whether the offer works for you.
We believe homeowners should understand what they’re agreeing to before making a decision.
4. Choose an Appropriate Closing Date
If we reach an agreement, we’ll work toward closing according to the terms of the purchase contract.
What If My Foreclosure Sale Date Is Approaching?
Contact your lender, attorney, housing counselor or another qualified professional immediately.
A pending foreclosure date should not be ignored.
You can also contact us to determine whether purchasing your property is something Aktiv Home Buyers can consider.
Please understand that contacting Aktiv Home Buyers does not stop or postpone a foreclosure proceeding, and we cannot guarantee that a sale can be completed before a particular deadline.
The earlier you investigate your options, the more time you generally have to make an informed decision.
What If I Owe More Than My House Is Worth?
You may still have options.
If the expected sale price isn’t enough to satisfy what is owed against the property, a traditional sale may not work without additional arrangements.
One possibility may be a short sale, in which the mortgage lender agrees to accept less than the full amount owed.
Short sales generally require lender approval and can involve additional documentation and time.
We can evaluate the property from a buyer’s perspective, but homeowners considering a short sale should also speak with their lender and appropriate legal or financial professionals about their individual circumstances.
What If There Are Liens or Unpaid Taxes?
Don’t assume that a lien automatically makes your house impossible to sell.
Mortgages, property taxes, municipal charges, judgments and other liens can affect a real estate transaction and may need to be addressed before or at closing.
A title company or attorney can determine what is recorded against the property and what must be resolved to transfer clear title.
Will Aktiv Home Buyers Pressure Me to Sell?
No.
We want you to make the decision that makes sense for your situation.
If selling directly to us isn’t the right solution, you are free to pursue another option.
Our first step is simply to understand the property and determine whether we can make an offer.
Why Homeowners Contact Aktiv Home Buyers
We’re a local real estate investment company working with homeowners throughout Chicago and the surrounding Chicagoland suburbs.
We understand that distressed-property situations aren’t always simple.
A homeowner may be dealing with foreclosure, an inherited property, expensive repairs, problem tenants, a vacant house or several issues at the same time.
Our goal is to provide a straightforward way to explore selling the property without requiring the homeowner to renovate it first.
With Aktiv Home Buyers:
Sell As-Is
You don’t have to renovate the property simply to have us evaluate it.
No Obligation
You’re not required to accept our offer.
Straightforward Process
We explain the proposed purchase and terms so you can decide whether they work for you.
Local Experience
We focus on Chicago and surrounding communities and understand the local real estate market.
Frequently Asked Questions About Foreclosure and Selling Your Home
Can I sell my house after receiving a foreclosure notice?
Potentially. Receiving a foreclosure notice does not necessarily mean you can no longer sell the property.
Your options depend on the stage of the foreclosure process and the circumstances surrounding your property and mortgage. Because foreclosure involves important legal deadlines, consult your lender and a qualified Illinois attorney or housing counselor about your specific situation.
Do I need to catch up on my mortgage before selling?
Not necessarily. In a typical sale, amounts owed against the property may be paid from the proceeds at closing. Whether that is possible depends on the home’s sale price, mortgage balance, liens, taxes and other costs.
What happens to my equity if I sell?
Generally, after mortgages, liens, taxes, closing expenses and other amounts required at closing are satisfied, remaining proceeds belong to the seller, subject to the terms and circumstances of the transaction.
What if my house needs major repairs?
You can still contact us. Aktiv Home Buyers evaluates properties in many different conditions, including houses requiring substantial renovation.
Do I have to clean everything out?
Talk to us before spending time or money clearing the property. Depending on the situation and our agreement, it may not be necessary to remove everything.
How quickly can you buy my house?
That depends on the property, title, the foreclosure timeline and other circumstances. We don’t promise a particular closing date until we’ve evaluated the situation and agreed to terms.
Does contacting Aktiv Home Buyers stop foreclosure?
No. Contacting us, requesting an offer or signing documents with a potential buyer does not by itself stop foreclosure proceedings. Continue communicating with your lender and obtain appropriate legal advice regarding deadlines affecting your property.
Is there a fee to request an offer?
There is no obligation to accept an offer simply because you ask us to evaluate your property.
Serving Homeowners Throughout Chicago and the Surrounding Suburbs
Aktiv Home Buyers works with property owners throughout Chicago and the Chicagoland area, including many communities in Cook, DuPage and Will counties.
If you’re unsure whether your property is within our buying area, contact us.
Facing Foreclosure? Find Out What Your Property Could Be Worth.
Foreclosure can move quickly, and waiting may reduce the number of options available to you.
If you’re considering selling, Aktiv Home Buyers can evaluate your property and determine whether we’re interested in making an as-is offer.
There is no obligation to accept.
Important Information
Aktiv Home Buyers is a real estate investment company and may purchase properties for investment purposes. We are not a law firm, foreclosure rescue service, mortgage lender or financial advisor.
Information on this page is provided for general informational purposes and should not be considered legal, tax or financial advice.
Foreclosure laws, deadlines and individual circumstances vary. Homeowners facing foreclosure should consider speaking with their mortgage servicer, a qualified Illinois attorney, a HUD-approved housing counselor, and appropriate tax or financial professionals before making decisions regarding their property.