Selling a house is stressful under the best of circumstances. But when you are facing pre-foreclosure and the clock is ticking, that stress can feel paralyzing. This was the exact situation a local homeowner found themselves in recently—just three weeks away from losing their property and their credit standing.
The Challenge: When Listing Isn’t an Option
The seller had been in pre-foreclosure for over four months. To make matters more complicated, the home had low equity. In a traditional real estate market, a seller with low equity often can’t afford to pay agent commissions, closing costs, or the repairs needed to make a house “market-ready.”
Their real estate agents, Kevin and Debra Berry of Meybohm Real Estate, knew the clock was running out. They had 21 days to find a solution before the bank took over. That’s when they called Paul Myers and the team at Myers House Buyers.
The Myers House Buyers Strategy: The “Subject-To” Solution
At Myers House Buyers, we don’t just offer cash; we offer creativity. When a traditional sale doesn’t fit, we look at the mechanics of the mortgage to find a way out for the seller.
We structured a “Subject-To” purchase. While it sounds technical, the benefits to the seller were simple and immediate:
- Immediate Debt Relief: We paid off all the seller’s missed mortgage payments (reinstating the loan).
- Equity Protection: We paid the seller their remaining equity, ensuring they didn’t walk away with nothing.
- Credit Restoration: By catching up the payments and taking over the future ones, we stopped the foreclosure from hitting their record.
Why the Seller Chose Myers House Buyers
Traditional buyers often back away from “messy” situations involving banks and missed payments. However, our team specializes in these complexities. We were able to:
- Act Fast: We moved with the speed of a “computer program,” according to those involved.
- Buy As-Is: No repairs were needed from the seller.
- Cover All Costs: We paid all closing costs and commissions, meaning the seller didn’t have to bring a penny to the table.
The Outcome: A Fresh Start
In less than 21 days, the seller went from the brink of financial disaster to a clean slate. They avoided a foreclosure on their credit report, saved thousands in potential legal fees, and walked away with cash in hand.
The agents, Kevin and Debra, were also able to ensure their client was taken care of while being compensated for their hard work. It was a win-win-win that only happens when you work with investors who truly understand the “creative” side of real estate.
Expertise You Can Trust
Paul Myers has worked with hundreds of agents and homeowners over the last 15+ years. Whether it’s a property in Augusta, Aiken, or beyond, the goal remains the same: solve the problem, respect the seller, and close the deal.
