If you’re behind on your mortgage payments, you may be wondering if you can still sell your house to a home-buying company. The good news is that, in many cases, you can sell your home to a home-buying company, even if you’re behind on payments. In this article, we’ll explore how the process works and what you need to know before selling your home.
What is a home-buying company?
If you’re looking for a swift and stress-free way to offload your property without involving real estate agents, then a home-buying company is the best option. These firms specialize in acquiring homes in every condition, no matter if they need repairs or are facing foreclosure. Furthermore, these companies purchase directly from homeowners, thus making them an attractive choice when it comes to selling properties quickly and easily!
Can you sell your house to a home-buying company if you’re behind on payments?
The answer is a resounding yes – if you’re behind on your mortgage payments, it is possible to sell your home to a home-buying company. Nevertheless, there are several things that must be taken into consideration while taking this route. To start with, the purchasing business will likely have to talk with your lender in order for them to bring the loan current – this process can take some time so keep that in mind when expecting delayed results from the sale of your house!
Secondly, if your home has substantial equity, you may be able to negotiate a deal with the buying company that allows you to pay off the mortgage while keeping any surplus funds. To meet this criterion, however, you must possess enough equity for it to cover the remaining balance and related costs when selling the property.
For those homeowners that owe more on their mortgage than the value of their property, a short sale could be your best bet. A short sale occurs when the lender allows you to pay off an amount less than what is owed and then sells it to a home-buying company for said price. This way, while not being able to receive full payment from the loan, both parties are still satisfied with the outcome of selling quickly at the market rate.
What are the benefits of selling to a home-buying company?
Selling your home to a home-buying company presents multiple advantages, especially if you’re having trouble making payments. With this option comes the opportunity to avoid foreclosure and its consequential effect on your credit score. Additionally, it allows for an expedited process so that you can receive cash quickly; bypassing any need for repairs or showings! Finally, cashing out provides the ability to pay off existing debts or get back financially in order with ease.
If you’re having difficulty making your mortgage payments, a home-buying company is an excellent option. Not only can they offer quick and seamless sales of your property – even if it’s worth less than what you owe – but by doing some research to find the right one for you, you’ll be able to receive a fair offer and avert foreclosure at the same time. As such, selling your home could help get back on track financially while allowing you to move forward with life.
About the Author: dean@homehelpersgroup.com
