While most associate bankruptcy with famous celebrities who have gone broke, the reality is that it is a useful tool to help delay or prevent a foreclosure or to help those with uncontrollable debt.
Even if you have filed for bankruptcy, you might still need a way to ease your debt and you may think to sell my home in bankruptcy in Cleveland, OH. Bankruptcy law in Cleveland isn’t always easy to understand so it’s natural for you to have hesitations and question on whether or not you can even sell your home while in bankruptcy. Hopefully this article can be of help as we’re here to discuss if this is a possible option for you and, if so, how you can sell your home while in bankruptcy in Cleveland.
Is it legal to sell my home in bankruptcy in Cleveland, Ohio?
The short answer is, yes. This is totally a viable option for you to help settle your debts and get yourself out of bankruptcy. However, the process to do so isn’t quite as simple or easy.
In a bankruptcy, you will be assigned a bankruptcy trustee who will review your case, evaluate your assets and possessions, and determine which can be sold to help satisfy your debts. If you plan to sell your home in bankruptcy in Cleveland, you’ll have to notify the trustee and then get permission from the court to do so. The contract for the sale will also need to contain a provision that states that the sale is subject to the court’s approval.
You will also have to notify your creditors who will have the right to object to your repayment plan. Then you must disclose the details of the sale to both the court and the creditors. This happens through filing a Motion to Sell with the trustee and the court. Aside from the motion, you will also need to have paperwork that determines your home’s value and a proposal for the distribution of the proceeds of the sale.
Once you’ve been able to sell your home, you will need to file a Statement of Sale with your trustee. This will detail the final selling price, closing costs, the amount you intend to use to pay off the remaining mortgage, and the remaining amount of revenue from the sale.
How can I sell my house fast in Cleveland, even in bankruptcy?
Selling your house while in bankruptcy will be roughly the same as selling property in normal conditions. With the help of a real estate agent, you can prep your home and list it on the market. When you find a buyer, you will have to make a few disclosures and inclusions in the final contract and the buyer will get approval from their chosen lender.
This is commonly known as the traditional method of selling a home, but it comes with its own disadvantages. This method of selling can take a significant amount of time and sometimes deals can fall through because of issues from the buyer’s side – like getting disapproved for a mortgage.
The workaround here is going with a cash homebuyer. With a cash offer, you won’t have to worry about securing more approvals than you already have to as the money for the purchase presumably ready. Cash homebuyer also tend to close much faster than regular buyers, which can be really helpful when trying to sell your house fast in Cleveland.
You can still try to look for a cash homebuyer through the traditional way but that can also take time. It might even take more time as finding cash offers isn’t as common. If you’re really looking to sell your house fast in Cleveland in as little time as possible, you should look for a professional homebuying company like RC Home Buyers
Sell your home fast with RC Home Buyers
Even in bankcruptcy, RC Home Buyers can help you sell your house fast in Cleveland. We buy houses in Cleveland, Ohio in any condition! We can truly help you sell quick without you having to worry about any inspections or repairs. In just a few easy steps, we can give you a fair cash offer in just 24 hours. Get in touch today and see how much you can get for your home tomorrow!