More and more people are finding it difficult to meet their mortgage obligations in today’s economic climate. And yet, selling a house presents its own set of difficulties. How do you overcome this dilemma?
Even though traditional housing market sales are slow due to the tight lending market, a cash sale can avoid issues many homeowners face when experiencing difficulties selling. Here are some signs that a cash sale is the strategy for you.
You are Behind on Mortgage Payment. Falling behind on mortgage payments should be your first giant red flag, signaling that it won’t be long before the bank comes knocking to discuss foreclosure proceedings. Foreclosures can be messy, take forever to resolve, result in lost money that you may be able to avoid with a fast cash sale. Faced with the prospect of a bank foreclosure, consider the alternative of a cash sale. You can sell your home quickly, avoid litigation and red tape and preserve your credit rating. Savvy homeowners have been able to avoid foreclosure and walk away with more cash. Sellers have been able to sell Portland and Phoenix houses quickly, for example, using this strategy.
You Are Struggling to Meet Expenses. If you are to juggling the books, robbing Peter to pay Paul and dipping into savings, you need to reevaluate your financial situation. Sooner or later, living month to month will catch up to you. A cash house sale can quickly stop the constant drain on your assets, along with the associated anxiety and put you in a much more affordable situation to meet financial obligations and plan for your future.
The Property Needs Major Upgrades and Renovation. Selling a home in need of repair, upgrades or renovation makes it difficult to sell without investing a considerable amount of money. Traditional buyers today want a move-in property and won’t settle for less. A cash offer will typically consider a home in “as-is” condition. Investors paying cash for properties have the means and the resources to renovate the property for resale. With an “as-is” cash sale, you save the time and expense of having to get the property in market-ready condition.
Your Mortgage Payment Exceed 25% of Your Income. Overextending and purchasing more housing than needed was a major reason the mortgage bubble burst. According to most financial experts, a home purchase should involve a down payment along with monthly mortgage payment not to exceed 25% of your monthly income. There are so many other budget considerations—health care, savings, daily living costs—that housing costs above 25% of income have become unsustainable.
You Can’t Afford Property Maintenance. If you find yourself cutting corners on issues like heating and cooling inspections and service, yard work and exterior paint, you are only compounding the problem. Your house will lose value in a hurry if not properly maintained. Rather than continue to fall behind in maintenance, consider a cash sale that can be closed in a matter of days and preserve as much of the property’s equity as possible.
If you recognize any of the above signs, consider a quick cash house sale and get your financial future in order.
Can a House Cash Sale help you?
Do you have a piece of property (house, lot, or land) you’d like to sell fast? Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property.