The Devastating Consequences Of Foreclosure In Louisville For House Sellers

If you are trying to sell your house in Kentucky while you are in foreclosure, you may be finding that it is more difficult than you had expected… especially if your house has any repairs needed that buyers just don’t want to deal with. A lot of people are staying away from big rehabs on houses because of the high borrowing costs and uncertainty in the economic market.

In this article we’ll dive into some of the devastating consequences of foreclosure in Louisville for house sellers so you can aim to avoid that. Foreclosure is no joke as it usually stays on your credit report for 7 years and prevents you from obtaining car or house loans.

Louisville House Buyers Have Lots Of Houses Available But Less Financing Options

There are floods of homes on the market In Kentucky, and thanks to the economic turmoil in recent past (and still going on in some areas), some types of houses just aren’t selling as fast as they were … while the “sweet spot” type of house (3 bedroom 2 bath in the middle to lower-middle price range) are selling at a good rate and historically do because they are first time home buyer price ranges. If your house fits this criteria then that means that you will probably have a easier time selling your home.

Part of it is because lending guidelines have changed since the housing collapse so fewer buyers are out there for some homes… there are still stockpiles of foreclosed houses in Louisville that keep trickling into the market from banks from COVID-19… and buyers are more choosy than they were in years past because many of them have learned that you can no longer get a 3% interest rate on a property and most interest rates are higher for investors then homeowners. When interest rates are around 8-9% it puts a damper on everybody buying a house including real estate investors in Kentucky.

If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your Louisville house fast, right?

If it seems like you keep putting more money out to improve your home (or if you have repairs but don’t have the money to do those repairs or the time), but are still having a hard time selling your Louisville house, you aren’t alone. Louisville Cash Real Estate has helped hundreds of people sell their home fast and easy to us in Kentucky, We have over 100+ 5-Star google review from past clients!

Due to the devastating consequences of foreclosure in Louisville, many sellers in the area who hold out for the price they want are getting little action and no offers at all… sometimes leaving the house on the market for months on end, we have even seen in some cases when a homeowner in Louisville is going through a foreclosure that they wait to long and then end up losing their house to the bank. please do not let this be you! Take action today to make sure this does not happen to you!

How Foreclosures Have Effected The Housing Market In Louisville

When the housing market crashed and the foreclosures began to roll in, it flooded the real estate market in Louisville. That means that there is more inventory on the market. When that happens, that drives the price of everyone’s house down because there are more options (at lower prices) for buyers out there.

When there is more inventory than buyers, it gives people more options meaning your house might sit longer on the market unless you adjust the price on it.

But, there are some things you can do in this market to reach your goals with selling your house quickly and efficiently in Louisville.

Below we talk about a few options available for you if you are facing a foreclosure in Louisville Kentucky..

Options Selling Your Louisville House In A High Foreclosure Market

If you’re wanting (or needing) to sell your house you’ve got a couple options you should look at.

1. If you don’t need to sell your house fast and can wait the market out… Get A Great Real Estate Agent On Your Side:  If you don’t need to sell your house fast and you can pay the real estate agent commissions… it may be best for you to just wait the market out and give it some time for that perfect buyer to come your way and pay the price you’re looking for. The market is improving and if you can sell your house next year rather than now… it may mean a few extra bucks in your pocket on the sale at a higher value .A great real estate agent can help you list the house and market it for you. If you don’t have a god local agent, just reach out to us and we can connect you with some great real estate agents we know in town who have shown they can sell a house fast. Email us over here for a Louisville area real estate agent referral.
2. If you DO need to sell your house fast… look for quick sale options like selling your house to us: Selling your house fast in a market like this can be difficult if you go the traditional real estate agent route… unless you discount your house in a big way. Then on top of that discount you’ll be paying the real estate agent commissions… which takes even more cash out of your pocket in the end. Another option you should look at is selling your house to a real estate investment firm like Louisville Cash Real Estate .We buy Louisville houses and can make you a cash offer within 24 hours for a fair price. We’re not looking to list your house… we’re actually looking to buy the house from you… we’ll take care of any repair costs after we buy it from you, then we either keep it as a rental property or we’ll turn around and invest our time, money, and expertise into selling the house to another home owner. It can be a win-win-win situation. If you’re looking for full-retail value of your house, we can’t pay that. We do need a discount so we can make a profit on our end, but you won’t ever pay us any fees or commissions.
3. Should I do a short sale on my house in Louisville? – If you find yourself grappling with financial hardship and the burden of an underwater mortgage, a short sale in Louisville could be an option worth exploring. A short sale is a real estate transaction where the lender agrees to accept the proceeds from selling the property for less than the outstanding mortgage balance, this only hurts your credit from buying a house for up to 2 years instead of 7. Read here to find out more about short sales vs facing foreclosures in Louisville.

Reach Out To Us To Sell Your Louisville Kentucky House Fast… Even In A Market Like Today’s

If you have any questions about our local Louisville house buying service just reach out to us anytime.

You can call us at 502-232-2433 or reach out to us over on our Contact page in the link below where you can get your no obligation offer within 2 hours!

Or, if you’re ready to get a fair cash offer on your house today, just click the link below to go to our “Fast Offer” form… then fill out some basic info on your house and we’ll be on our way!

Get A Fair Cash Offer On Your Louisville House Today >>