In this current market today, it seems that it takes forever to sell a house. For those who are upside down on their mortgages, it is important to look at other options besides a traditional sale that may take far too long.
House Selling Tips – Metairie House Buyers: You’ve decided to sell your house and you think it’s best if you do it quickly. With a changed financial situation it might become increasingly difficult to pay the current mortgage and you certainly don’t want to fall behind. That would be bad for your credit and might ruin your chances for obtaining another home at some point in the near future. Selling your current home seems like the best option looking forward. The problem is, you’ve been hearing nightmare stories about the real estate market and how it takes as long as two years to sell a house. The average time is nearing 9 months even in the best of circumstances. What is taking so long for people to sell?
The fact is, there are so many houses for sale these days that buyers have many choices. There are far fewer buyers than there are sellers and the prices have dropped dramatically, giving buyers some super good deals that they can’t refuse. That leaves all the others on the market. This is especially true of homes that still have large mortgages or even second mortgages attached to them. Where the seller has paid off the home or a considerably portion of it, there is more wiggle room for negotiating a price with the buyer. When the seller still owes a large amount on the mortgage, it’s not necessarily possible to sell the house for less because the mortgage still has to be paid off.
One solution to that dilemma is to contact a real estate investor and find out whether they deal in short sales and creative solutions to your problem.
For example, if you still owe $250k on your house and because the market has dropped it’s now worth only $225k, you’ll have to get as close to that top price of $225k as possible so you don’t have much left to make up the difference when you pay off the bank. That’s why most that still owe the majority of their mortgage and are trying to sell aren’t able to compete with those who may be able to sell for less.
One solution to that dilemma is to contact a real estate investor and find out whether they deal in short sales and creative solutions to your problem. You can try to hold out as long as possible and sell in the usual way, but if you must sell faster try some other possible options to relieve you of your mortgage pressure. That will give you a fresh start and perhaps help to save some of your credit for the future.
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