Despite how diligent you are at paying your bills and dues, you may eventually fall behind. It may even get to a point where you need to declare bankruptcy. Although being in a state of bankruptcy is no joyful matter, it has to be done. If you’ve exhausted all options available to you and finally decided to file bankruptcy, it’s important to know what you’re getting into.
If you’re a homeowner deep in debt, keep reading, because this article will tell you everything you need to know about bankruptcy and how it can affect your Houston, Texas property. This article will also touch on what you need to remember when selling your house fast while in bankruptcy in Houston, Texas.
How Does Bankruptcy Affect Your Houston Property?
Whether or not you keep your property depends on the kind of bankruptcy you’ve filed. There are two common kinds of bankruptcies: Chapter 7 or Chapter 13. If you file under Chapter 13, you’re most likely going to keep your property. But if you file under Chapter 7, then you may have to give up some of your properties.
Chapter 7 bankruptcy is essentially a deletion of all your outstanding debt in exchange for selling or liquidating some, if not all, of your property to pay for the debt. However, in a Chapter 7 bankruptcy, it might be difficult to sell your home. If you want to sell, you must first obtain judicial approval.
On the other hand, Chapter 13 bankruptcy works like a repayment plan. In a Chapter 13 bankruptcy, you file a plan with the bankruptcy court indicating in detail how you will repay your creditors. Some debts will be paid in full, while others will be paid partially, some possibly not at all, depending on what you can afford. It permits you to keep your house or sell it if you benefit but without causing financial harm to your mortgage lender. However, you must still get permission from the trustee to sell or refinance your home when you choose to file a Chapter 13 bankruptcy.
Now that you know what the most common types of bankruptcies might mean for your property, you might be thinking about how you can sell your house fast during bankruptcy in Houston, TX. We’ll tell you how in the next section.
How to Sell Your House Fast While in Bankruptcy in Houston, TX
While it’s easier to sell your home if it’s filed under a Chapter 13 bankruptcy than a Chapter 7, it’s still possible. Here are some ways you can sell your house while it’s in bankruptcy in Houston, TX:
- Sell your home as short sale/in as-is condition
- Sell your home with the help of a real estate agent
- Sell your property through FSBO or for-sale-by-owner
- Sell to a professional home buyer
Out of all your options, selling to a professional home buyer for cash is the most convenient. Professional home buyers can guarantee a quick close and you don’t have to worry about the condition of your home before the sale. If you need money fast to pay off all your debts, selling your property to a professional home buyer is the best option for you.
Sell To A Professional Home Buyer!
If you’re looking for quick ways to dispose of or liquidate your inherited home, you should consider selling to a cash homebuyer in Houston, TX. Who has the time to sell your property the old-fashioned way when you’re looking to make a quick buck? We understand the urgency, and we’re here to help.
Sell your house to professional home buyers like us here at Ohana Legacy Properties, LLC. We can provide you with the best price for your home while still ensuring a quick close so you can liquidate your inherited property ASAP. If you don’t want to worry about the hassle of listing your home and working with a real estate agent, just sell your home to us! We’ll take care of the rest.
Our home-buying process does not involve getting pre-qualified by a mortgage bank in order to obtain a home loan or listing the property on the MLS or any other listing platform. The reason our team at Ohana Legacy Properties, LLC is able to purchase properties very quickly is because we use our own money, which means the sale is more secure and we can close faster than traditional buyers. Get in touch with us here (832) 740-9788 and sell your home fast for cash today!