The sale of a property is always a big decision. Sometimes, people are forced to sell their property due to unforeseen circumstances. If you find yourself in this position, you may be wondering how long the process will take.
The amount of time it takes to force the sale of a property can vary greatly depending on the situation. But it usually takes around three to six months to sell a property. This time frame can be shorter or longer depending on the current housing market, the type of property being sold, the location of the property, how much money is owed on the property, whether or not the property is in good condition, and the asking price of the property.
Table of Contents
• Force Sale Meaning
• What Circumstances Can You Force A House Sale
• Foreclosure Force Sale Process
• Force Sale Of House During Divorce
• Forced Sale Of Jointly Owned Property
• Can A Beneficiary Force Sale Of Inherited Property
➥Why Should You Sell House Your House To Colorado Cash Buyers
Force Sale Meaning
A forced sale is when someone is forced to sell their property, usually due to financial reasons. This can happen if the owner can no longer afford to make the mortgage payments or if they need to move for work or personal reasons. The court will usually appoint a receiver to oversee the sale of the property.
There are many reasons why a seller might need to conduct a forced sale. For example, they may be facing foreclosure, going through a divorce, or dealing with other financial difficulties. In some cases, the seller may simply be moving and need to sell their property before they leave town.
What Circumstances Can You Force A House Sale?
There are many reasons why someone may be forced to sell their property. Some of the most common reasons include:
- Financial difficulties – If you are struggling to keep up with mortgage repayments or other financial commitments, you may be facing foreclosure. In this case, the bank may force the sale of your property in order to recoup their losses.
- Relationship breakdown – If you are going through a divorce or separation, you may be required to sell your property in order to split the proceeds evenly between both parties.
- Death – If the owner of a property dies, their estate may be required to sell the property in order to settle any debts or disputes and then distribute the proceeds among beneficiaries.
Foreclosure Force Sale Process
A forced sale can also occur when the property is going through foreclosure. In this case, the bank will force the sale of the property in order to recoup their losses. the process includes:
- Notice of Default: The first step in the forced sale process is the Notice of Default. This document is filed with the court and states that the borrower has failed to make their loan payments. Once the Notice of Default is filed, the borrower has a certain amount of time (usually around 90 days) to bring their loan current.
- Scheduling the Sale: If the borrower does not bring their loan current within the specified timeframe, the lender will then schedule a date for the sale of the property. This date is typically set 30-60 days out from when the Notice of Default was filed.
- Advertising the Sale: Once a date for the sale has been set, the property will be advertised in local newspapers and online listings sites. The ads will include information such as the date and time of the sale, as well as where interested parties can go to find more information about the property.
- The Sale Itself: On the day of the sale, interested parties will gather at the designated location and submit bids on the property. The highest bidder will then be given ownership of the property, and their bid will be applied toward satisfying the debt owed by the previous homeowner.
- Eviction (If Necessary): In some cases, the previous homeowners may still be living in the property when it is sold at auction. If this is the case, they will need to be formally evicted by law enforcement in order to hand over possession of keys to new owners per state law requirements.
Force Sale Of House During Divorce
If you are going through a divorce, you may be required to sell your property in order to split the proceeds evenly between both parties. This is typically done through mediation or arbitration, but in some cases, it may be necessary to go through the court system.
If they can’t reach an agreement, the court will make a ruling on how the property should be divided. In some cases, the court may order that the property be sold and the proceeds split evenly between both parties. Other times, the court may order one party to buy out the other party’s interest in the property. The process of selling a property during a divorce can be lengthy and stressful, so it is important to seek legal advice from an experienced attorney.
Forced Sale Of Jointly Owned Property
If you are a joint owner of the property and one of the owners wants to sell, you may be able to force a sale through a partition action. A partition action is a legal process where one of the joint owners sues the other owner or owners to force a sale of the property. To begin the process, the owner will need to file a partition action with their local court. Once the action is filed, all of the owners will be notified and given the opportunity to object to the sale. If there are no objections, The court will then appoint a receiver to oversee the sale of the property. Then finally the proceeds from the sale will then be split evenly among all joint owners.
Can A Beneficiary Force Sale Of Inherited Property?
If the beneficiaries own the property as tenants in common, then any one of them can file a lawsuit to force a sale of the property. In order to do this, they would need to file what is called a “partition action.” A partition action is a lawsuit that asks the court to divide up property that is jointly owned by multiple people.
If the court grants the partition action, then the property will be sold and the proceeds will be divided up among the beneficiaries. The beneficiary who filed the partition action will not necessarily get a larger share of the proceeds; it will be divided up according to each person’s ownership percentage.
Why Should You Sell House Your House To Colorado Cash Buyers?
If you find yourself in a position where you need to sell your property quickly, don’t despair. It is possible to force the sale of your property, although it may take some time. The most important thing is to work with a reputable company that can help you through the process and gets you the money you need as soon as possible.
Colorado Cash Buyers can help make sure that you get the best possible deal for your property. We can even close the sale within 7-28 days. And you don’t need to make any repairs or renovations. Contact us today to learn more about how we can help you!