A recent study estimates that 47% of foreclosed properties are still occupied.
When you first see that stat you may be surprised… but we’re not.
What most people don’t realize is that banks aren’t in the business to own homes.
They are in the business to loan people money. But when they have to foreclose on a house… the bank is forced to own the home until they’re able to sell it to get all or most of their money back.
But, what they had found is that when a Toledo foreclosed house goes vacant… there is a much greater chance that the house will fall into disrepair. Often times the bank would rather have you in the property even after you stop paying your payments and the foreclosure is started because it wards of vandals and keeps the house in good working order.
There’s been a lot of talk in the media about people living for free after foreclosure – and even many stories about banks “abandoning” properties.
In those stories, people are avoiding house payments for months, even years.
Man, that sounds great! Let’s all live for free. (wink)
Wait… it can’t be that simple, right?
No bank would purposely neglect to collect payments. The only way that you get to live without making any payments is when some major mistakes were made.
But you might get lucky! It’s possible, and it’s happened before. However, it’s not exactly legal to avoid payments that you owe, and it can get you in serious trouble.
So why are so many foreclosed homes occupied? It’s important to remember that no one wants the house to be vacant. Vacant homes are targets for vandalism and crime.
Staying in the property can help the bank maintain the value of their investment, so it’s actually in their best interests to keep it occupied. Partly because of the ways that the foreclosure laws are structured in NY, banks may ask you to leave while wanting you to stay.
There are a few perfectly legal ways to remain in your home, even after foreclosure.
Not all these options are available (depending on your situation and your lenders), and you’ll need some expert advice along the way to help you get through.
1) Wait it out. Honestly, this is a pretty bad option, but it seems to be increasingly common. You definitely shouldn’t run away and abandon your house when the first notice of default shows up. Remember that the proceedings and the process takes months and sometimes years. It’s not over until it’s over, so don’t give up too early. On the other hand, don’t wait until the sheriff shows up to evict you to start packing up your stuff.
2) Go to court. In very rare cases, judges are granting stays and delaying evictions. This is really only a valid option if you (and your attorneys) can prove that the bank has neglected a legal requirement during the foreclosure process. During the past few years, a lot of fraudulent behavior at banks has been uncovered – so we may see an increasing trend of using the courts to stop foreclosure. Fighting banks with lawyers is very difficult, expensive and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance).
3) Propose a move-out bonus. Often buyers of occupied foreclosure properties spend thousands of dollars on lawyers and other costs of eviction, so why not save everyone the time and expense by taking some of that money yourself? It’s known as “cash for keys”. It sounds a little greedy, but greasing the wheels does help everything to run smooth. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.
4) Rent it back. It may sound crazy, but some banks are willing to take on previous homeowners as tenants in their property. That’s only a short-term fix, as they’ll want your agreement to vacate the premises as soon as they find someone to purchase the property. In some cases, we can even purchase the property and rent it back to you.
It’s really good that you’re reading this page and exploring your options. We help homeowners like you to find creative solutions.
We can’t help everyone, but we might be able to help you.
After a foreclosure, the legal ownership of the property transfers from you (the borrower) to the lender. Typically, after the foreclosure process is complete, the lender becomes the owner of the property and may take steps to reclaim possession. Continuing to reside in the house after foreclosure can be challenging, but here are some general considerations:
Communication with the Lender: It’s essential to maintain open communication with the lender. In some cases, the lender may be willing to work out an arrangement or provide you with a temporary stay. However, this is not guaranteed, and lenders may still proceed with eviction.
Redemption Period: Ohio has a foreclosure process that includes a redemption period during which the borrower has the right to redeem the property by paying the outstanding debt. During this period, you may be able to remain in the property. However, once this period expires, eviction becomes more likely.
Legal Advice: Consult with an attorney who specializes in foreclosure and real estate law in Ohio. They can provide advice tailored to your specific situation, explain your rights, and guide you through any potential legal options.
Temporary Stay Arrangements: Negotiate with the lender for a temporary stay in the property. This might involve agreeing to a short-term lease or a rental arrangement. Be aware that the lender is not obligated to agree to such arrangements.
Explore Government Programs: Some government programs may provide assistance to homeowners facing foreclosure. Check with local housing authorities or nonprofit organizations that offer foreclosure prevention services to explore potential options.
Understand Eviction Laws: Familiarize yourself with Ohio’s eviction laws to understand the process and timelines involved. If eviction proceedings are initiated, it’s crucial to respond promptly and seek legal advice.
Consider Your Finances: While it may be challenging, it’s essential to plan for alternative housing arrangements. Continuing to reside in the house after foreclosure is often temporary, and preparing for a transition can help you navigate the situation more effectively.
Remember, laws and regulations can vary, and the specific circumstances of your foreclosure may influence the available options. Seeking legal advice early in the process is crucial to understanding your rights and potential courses of action.
We buy Toledo, OH houses like yours from people who need to sell fast.
We Buy Houses For Cash In Toledo OH
Tristate Holdings 167 Inc., can buy your Toledo house for cash if it meets our buying criteria. The best part is that you’ll never have to deal with real estate agents, endless open houses, or uncertainties about a potential buyer getting approved for a mortgage.
We’ll buy your Toledo house fast, making the process as smooth as possible for you.
We’ll never use any pressure tactics to buy your Toledo house. It is up to you if you want to accept our cash offer.
We Buy Houses In Toledo Ohio In All Situations
If you’re looking to sell your house fast for cash, you’ve come to the right place. We buy all types of Toledo properties for cash, including single-family homes, multi-family homes, rental properties, and even mobile homes. There are never any commission costs or real estate agents needed to sell. We buy houses for cash in Toledo and are happy to provide you with a cash offer on your house.
There are many different reasons that Toledo homeowners are looking to sell their homes for cash. Whether you just don’t want to deal with repairing it or you’ve decided that it’s time to sell and move to a different house, we’ve got you covered. Don’t waste your time cleaning, repairing or taking on new tenants. We’ll buy your house fast, no questions asked.
Whether you lost your job or are dealing with medical issues, there are many possible reasons why you may need to sell your house before it goes through the foreclosure process.
Too Many Repairs
If repair bills are too much and you don’t want to deal with the headaches, we can buy your Toledo house fast so that you can move on with your life.
If you’re relocating, and you’re on a tight schedule that requires a fast closing, we can buy your Toledo house fast.
Dealing With Divorce
Divorces can result in many couples needing to sell their house fast. We can help make the process easier by providing you with a fair cash offer on your house.
Tired Of Tenants
If you’re tired of dealing with bad tenants in your Toledo rental property, then it’s time to call the cash house buyers to get your cash and say goodbye to your troubles.
Inherited A House
If you’ve inherited a Toledo house that you don’t want to deal with, we’ll buy it fast for a reasonable cash price.
We Buy Houses For Cash In Toledo OH
When you opt to sell your Toledo home fast for cash to a “we buy houses” company, it comes along with some great benefits.
One of the worst parts about selling to traditional home buyers is that they will have an inspection done on your house and expect you to foot the repair bill. When you sell to us, you’ll never have to repair anything because we’ll buy your Toledo property in its current condition.
Real estate agent fees can be expensive and cut into your proceeds. Fortunately, when we buy your house fast for cash, we don’t require you to have a real estate agent to sell because we are the buyers. Convenience is our specialty.
No one wants to pay fees to sell their Toledo house fast. There are no fees if we buy your house.
Sell Your Toledo House The Simple Way
You’ll love it when you sell your Toledo house to Tristate Holdings 167 Inc.! We promise to provide you with all the great benefits of selling your home for fast cash.
No Commissions Or Fees
We make things simple by not having to wait to get your home listed or pay costly real estate agent fees to sell your property.
Close When You Want
When you sell to us, we’ll let you determine when you want to close on the property. You can schedule it within 30 days or a couple of months from now.
We Buy In As-Is Condition
When we say we’ll buy as-is, we mean it. Your house could be run down or brand new. We’ll provide you a fair cash offer within 24 hrs.
Competitive Cash Offer
We won’t waste your time playing the finance negotiation game. Our goal is to provide you with a reasonable cash offer for your property.
No Need to Clean
Homeowners love the fact that they don’t have to clean or repair their homes when they decide to sell to our company. Just read our many positive reviews.
No Repairs Needed
We’ll never ask you to do any repair work or renovate the property. We buy all types of properties regardless of their condition.
Cash For Houses In Toledo Ohio
We’ll take care of all the heavy lifting so you never have to deal with listing your Toledo house and sit through countless showings. We’ll provide you with a fair offer on your Toledo home and let you choose how fast you’d like to close.
Areas We Buy Houses In Toledo
If you think we could help you, don’t hesitate to give us a call and see if you want to sell your Toledo house for a suitable cash offer.
Contact us today! 🤙1-(888) 788-7478.
Sell Your House In Toledo OH FAQs
When most people think about selling a home in Toledo, they think about going through the traditional sales process that requires a real estate agent and constant showings. When you sell to a cash home buyer like us, that’s not the case at all. We get a lot of questions in our line of work, which is why we’re going to share with you some of these questions and answers below to give you a better idea of how our cash sales process works.
Why Is A Cash Offer Better For A Seller?
As a seller, you want to find a buyer who has the cash to buy your house to ensure that there will be no problems throughout the process. If you go with a traditional buyer who is getting a mortgage to purchase your house, there is always the possibility that the mortgage lender may not proceed to issue the mortgage.
Can You Sell A Toledo House In 30 Days?
Contrary to what the real estate industry may make you think, you can sell your house for cash in as little as thirty days. To close this fast, you need to sell your Toledo house to a cash home buyer. You can act fast and sell without any restraints from financial lenders.
What Is The Fastest Way To Sell A House?
When time is of the essence, the fastest way to sell any home is to an all-cash buyer. You can be assured that they have the cash on hand to purchase your Toledo home without any issues. You want to avoid selling to any buyer that is using financing as there’s always a possibility that their financing may fall through.
Is Selling My House For Cash A Good Idea?
Selling your house for cash in Toledo is one of the best ways to sell your home fast. When you choose a cash-buying company like ours, it’s a hassle-free process, and it’s done on your timeline instead of everybody else’s. Just the peace of mind of having a buyer with cash to purchase your home is well worth it.
Easiest Way to Sell Your House In Toledo OH
When it’s time to sell your Toledo house, you want to make the process as simple as possible. That’s what our cash-for-houses company is all about. We’ll provide you with a fair all-cash offer on your house without involving real estate agents. We take care of all the hassles so you can enjoy simply selling your house and transitioning to the next chapter of your life.
Tristate Holdings 167 is a team of Cash Home Buyers. We Buy Ohio Houses in the following surrounding areas of Toledo, Ohio (Toledo, Bowling Green, Perrysburg, Sylvania, Oregon, Maumee, Waterville, Ottawa Hills, Rossford, Whitehouse, Walbridge, Berkey, Point Place, Fostoria, Napolean, Sandusky, Vermilion, Huron, Berlin Heights, Milan, Castalia, Fremont, Bellevue, Clyde, Woodville, Gibsonburg, Lorain, Elyria, Avon, Avon Lake, North Ridegville, Amherst, Cleveland, Cuyahoga Falls, Akron, Canton, Dayton, Cincinnati, Columbus).
Whether you are trying to avoid foreclosure, inherited a property you do not want, dealing with a divorce, or are fed up being a landlord dealing with tenants, we can help. If you need to Sell Your Toledo House Fast, We Buy Ohio Homes for Cash!