Facing Bankruptcy? Why Selling Your House For Cash May Help

Posted on: 16 March 2018

If you find yourself facing financial troubles and you are worried that you may need to file for bankruptcy at some point in the near future, you might be trying to come up with other options that can help you deal with your financial woes. One such option you might be considering is the option of selling your house for cash.

However, it is understandable that you are unsure about the benefits and drawbacks of selling your home for cash. Get to know more about the ways selling your home for cash can help you with your financial situation and you can determine if this is the best option for you going forward.

The Process is Faster

One of the many advantages of selling your home to a cash only buyer when you are considering bankruptcy is the speed of the sale. You will not be dealing with mortgage companies and lenders but will instead be making a relatively simple (albeit large) cash transaction. This speeds up the sale process, giving you more of a chance to weigh your options and determine the course of action that is best for you.

You Will Have Cash in Hand

The beauty of a cash transaction is that you will have cash in hand as soon as the sale closes. Having all of that money can be a major boost to you when you are in a poor financial situation. You will quickly be able to find a different place to live and may even be able to pay down some of your debts, so you are not as far behind on your payments. The cash in hand can also go toward your lawyer's fees in bankruptcy court.

You Will Have Less Hassle

Of course, one of the major benefits of selling your house for cash is the lack of hassle associated with the process. The escrow process when you are working with a mortgage company can take a long time, require a variety of inspections and repairs to your home, and can just be a major pain to deal with.

When someone decides to pay all cash for your home, they are buying your house in as-is condition. This cuts down on the hassle of selling your house and makes it easier in general. You already have enough stress dealing with bankruptcy and debts. So, why not make your life easier by selling your home for cash.

Now that you know some of the reasons you may want to sell your house for cash when facing bankruptcy, you can decide if this is the right choice for you and talk to your real estate agent as soon as possible.