Selling Your House When You’re in Debt
Selling your house when you’re underwater can be a wise decision. It can be hard to decide whether it is better to continue fighting and pump more money into your property or just sell everything off. Down payments must always be considered, but if your debt is manageable and you have time for work, then selling may not break the bank. Here are some tips for selling your home when in debt:
- Get Pre-Approved
Before you can begin the offer process, you must obtain pre-approval from your lender. Without it, you won’t even be eligible to submit an offer; thus, ensure you have your pre-approval letter and some money in hand before placing offers with potential partners. Click here to view our product features: https://www.texascashhousebuyer.com/sell-my-house-cash-texas/.
- Your House Needs to Sell Quickly
If a potential buyer doesn’t show interest after several days, your house could remain unsold for much longer. With so many houses available right now, it’s essential that yours stands out and can be seen by potential buyers. Hire a real estate agent with pictures posted online and create an eye-catching flyer so people can contact you easily. List it as either a short sale or foreclosure if possible but don’t be afraid just listing as “house for sale by owner”. Buyers won’t always look for the cheapest price point but neither will they pay too much for something overpriced either.
- Consider Converting to a Short Sale
Short sales are always preferable to regular sales when selling your house. In a short sale, the value of your house remains the same as if it had been sold at full price; the only difference is that you must agree to pay some of your principle off to both lenders and buyers. You should get this agreement in writing before closing so there’s no disagreement over how much is actually owed or principle – otherwise, you could find yourself stuck with an unwilling buyer who disagrees with the figures you provided them.
- Consider Hiring a Real Estate Agent
A real estate agent can be invaluable in many ways, but the most straightforward is having them assist with opening your house and listing it online. They’re capable of creating stunning flyers and posting pictures online; furthermore, they know how to obtain pre-approval for financing if required. They may even know who the best mortgage lenders are in your area!