The answer to that question is yes, you can sell your house during bankruptcy. However, selling your house to avoid bankruptcy or to raise funds to pay your debt is not as simple as putting a for sale sign in the front yard. Whether you are filing Chapter t 7 or 13 bankruptcy, you need to follow guidelines established by the court or the bankruptcy trustee.
Keep in mind that there are no laws or regulations that govern the sale of a house during bankruptcy. However, you must convince the court or trustee that there is a good reason to sell your house – more specifically, that you are paying off your mortgage or raising money to pay off your other creditors. The good news is that you do not have to list your house on the market and hire a realtor. Instead, you can sell your house fast for cash to a local home buyer in Kansas City.
There is no definitive answer to that question. Whether you lose your house in a bankruptcy largely depends on three factors.
There are two main types of bankruptcies: Chapter 7 and Chapter 13. The difference between the two involves exemptions that you are entitled to. Bankruptcy is designed to give you a fresh start, not to leave you broke. Therefore, the federal government allows certain exemptions. If your property is worth less than a specified dollar amount, you can keep it.
When deciding whether your property is exempt, the trustee considers the equity in your house. Equity is the market value of your house minus the balance on your mortgages or home equity loans. If you have equity in your home over the exemption limit, you may be forced to sell your house to pay your debt or buy it back by paying the trustee the value of your house.
Assuming you kept your house throughout the bankruptcy process, after the bankruptcy, you are free to keep your home if you continue to pay the mortgage. It may be that after you are free of all the rest of your debt, you will be able to afford the mortgage payments. If so, you’ll be able to keep your house.
Once you file for bankruptcy, a trustee is assigned to your case to assess your house’s value and assets. Since your house is shielded under the bankruptcy, the mortgage cannot foreclose on the property. This allows you to sell your house fast while filing for a Chapter 7, 11, or 13 bankruptcy. However, you must get permission from the court to sell your house.
If you can demonstrate that you plan to sell your house for cash to pay off your mortgage or other debts, the court may permit you to sell your house. A local home buyer can work with you and the bankruptcy trustee to file a motion to sell the house with the bankruptcy court. Selling your house to an investor is much easier than trying to list it on the market and go through a realtor.
When you go the traditional route for selling your house, the process can be complicated. You must meet with a realtor multiple times, list your house on the market through various platforms, and find creative ways to make your house more attractive. Plus, there are no guarantees if or when you’ll find a qualified buyer. Our process of buying your house is fast and easy.
Feel free to call one of our local buyers to schedule a quick house visit. We can answer your questions, discuss your options, and do a quick run-through of the property. Don’t worry about making any preparations. We are happy to view your house as-is.
If we like what we see, then we’ll make an offer on your house without delay. We typically make offers at just under the house’s value. Our cash offers are fair and consistent with no changes once the proposal is submitted.
If you accept our offer, then schedule a close date that is convenient for you. We show up and sign the paperwork, pay all the closing costs, and seal the deal. We can pay you cash for your house in as little as seven days from closing.
Did you know that, on average, it takes 60 to 90 days to list and sell your house on the market if you go through a real estate agent? You could also pay for considerable out-of-pocket expenses while spending countless hours getting your house ready to sell. Consider these expenses associated with a traditional house sale:
|Listing costs||Marketing costs|
|Realtor commissions||Appraisals and inspections|
|Taxes and title transfers||Closing costs|
You may not have considered how much it takes to repair or renovate your home. If you must replace the roof, windows, plumbing, AC, or electrical system, you could spend thousands of dollars before the inspector approves the sale of your home. In the end, you may need to ask yourself, “Is it worth it?”
With KC Real Estate Buyers, you can eliminate all these costs and sell your house as-is in as little as 30 days. Simply schedule a quick walkthrough with one of our local house buyers and let us make a fast cash offer. We are the company that buys houses as-is.
At KC Real Estate Buyers, we buy houses for cash. We pay all closing costs and do not charge any fees. Our company purchases property as-is and puts cash in your hands in as little as 30 days. Call one of our local cash home buyers today at 816-895-2999 and schedule a quick walkthrough with one of our house buyers in Kansas City, Missouri.