Start with the options that are not selling
Before you talk to any cash buyer, including us, it is worth knowing what else exists:
- Talk to your servicer. Forbearance, repayment plans, and loan modification exist
and are free to ask about. People skip this because the servicer has been unpleasant to deal with, not
because it did not apply.
- HUD-approved housing counseling. Free, and independent of anyone trying to buy
your house. The Consumer Financial Protection Bureau maintains a directory of approved counselors.
- Reinstatement. If the arrears are within reach of family help or a liquid asset,
this often costs less than selling.
- Listing it. If there is meaningful equity and enough time before a sale date, an
agent will usually net you more than we will.
If one of those fits, take it. We would rather you keep the house than sell it to us for the wrong
reason.
When a cash sale is genuinely the better path
It tends to be when there is equity but no time, when the house needs work you cannot fund, or when
a foreclosure sale date is close enough that a retail escrow will not finish before it. Speed is the
actual product.
Protections you should know about
California law provides specific protections for homeowners whose property is already in foreclosure,
including requirements about the form of the contract and a right to cancel within a defined period.
There are also rules restricting foreclosure consultants and prohibiting advance fees for foreclosure
help. These exist because this situation attracts predators.
Practical rules: never pay anyone an upfront fee to help you avoid foreclosure. Never sign a deed
transferring your home to someone who says you can rent it back and buy it later. Never sign documents
you have not read or that have blanks in them. And take any purchase agreement to your own attorney
before signing — a legitimate buyer will wait a day for that.
What we do
We buy the house, in writing, with the numbers itemized, using contract forms appropriate to the
situation. We can generally coordinate payoff figures through escrow so you can see what actually
lands in your hands. If the number does not clear what you owe, we will tell you that immediately
rather than tying up your property while a sale date approaches.
