No one buys a home intending to fall behind on their payments. Life has a way of throwing unexpected changes at those who live it though. For those who have fallen behind on their payments, sometimes the best thing to do is to sell the house. So how do you go about doing that?
Determine If You’re Underwater
The first thing to do is to determine if you’re underwater on your mortgage or not. If you’re underwater on your mortgage, it means you owe more than what your home is worth. If you’re not underwater, your home is worth more than what you owe. This is an important thing to determine since it impacts what sort of moves you can make next. Take a look at what you still owe and compare it to things like your home’s appraised value and fair market value.
Short Sale
For homeowners who are underwater on their mortgage, a short sale will be the best way to sell the house. A short sale is when you sell the house for less than what you owe on the home. You’ll need to get this approved by the lender since they won’t be getting the full amount they are owed from you. Some lenders prefer this option as opposed to managing the property once they’ve taken possession of it, making it closer to a win-win situation.
Sell to Minnesota Home Guys
Homeowners who aren’t underwater on their mortgage have more freedom when it comes to choosing how to sell their homes. Don’t waste any time getting the home sold though. You don’t want to fall further behind than you already are, after all. To that end, sell your home to Minnesota Home Guys. Our fast, easy process sees you getting an offer almost immediately and closing in as little as 7 days. If time is of the essence, we’re the buyer for you.
If you’re behind on payments and you’ve decided that the best thing to do is to sell your house, the good news is that there is likely a way to make that work. As difficult as it may be, it’s certainly a better option than allowing your home to be foreclosed. Once you’ve sold your home, you can move on to the next part of your life without late payments looming over your head.
Need to sell your home? Minnesota Home Guys is here for you! Click here to complete our online form and get your offers today!
