Are you behind on your mortgage payments? This can be a very stressful time for you and your family, both emotionally and financially. Understand that you’re not alone, there are a great number of families finding themselves in this predicament. Read this post to learn how to sell your house in Detroit even if you are behind on your mortgage payments.
Don’t Procrastinate
Should you find yourself among those in this position currently, do not procrastinate, especially if your lender has started communicating that foreclosure is on the horizon, selling your home may be the best option. The time is now to sell your house if you are behind on your mortgage. Talk to your lender and let them know the steps you are taking, keeping open lines of communication is important to avoid making errors as you take actions to resolve your problems. Failure to act leads to complicated foreclosure processes. Don’t fool yourself by believing that this means you will be free of your financial obligations to the lender. And in many cases, there are deficiency judgments, wherein the lender is still legally owed any remaining debt on your mortgage note after the lender receives the foreclosure sale proceeds.
Selling On Your Own
Undertaking the task of selling your house if you are behind on your mortgage may appear to be a money-saving solution, on the surface. There is a tremendous deal of paperwork and multiple timelines for paperwork submissions involved in selling a piece of property. Another difficult problem for you will be pricing your home without adding unrealistic value based on your emotional attachment to the property. Prepare for a financial outlay of up to thousands to present your home on the market. Should you successfully sell the home, you need to understand there are legal risks involved. Any major repairs discovered after closing, even if previously unknown, could mean facing legal risks on your own as well.
Real Estate Broker
Listing with a broker is another way to sell your house in Detroit even if you can’t pay your mortgage. Unless your property is in mint condition, repairs, renovations and upgrades may be required. Real estate brokers include a staging strategy at your expense as a part of the overall marketing and advertising budget. In addition to these expenses, you will also be paying commissions and closing costs. When already struggling to stay afloat, their demands may sink you financially before your home ever sells. Remember, in traditional listings, you have no guarantee of if or even when your home will sell..
Set An Appointment With A We Buy Houses Detroit Company
When you are considering selling your house if you are behind on your mortgage, selling through a we buy houses Detroit MI program, like Detroit Fair Offer may be your best option. It is important to consider the advantages of working with a direct cash buyer, especially when you have debt looming over your head and you get nearer to the deadline of foreclosure every day. You can be ahead of the lender and the foreclosure process by selling directly before it is too late. No interruptions in your life from showings, no pressure to keep everything spotless at all times. You will not be left under the gun by working with inexperienced buyers, backing out and failing to close. None of the expenses of listing a home will come into play, including no real estate commissions coming off the top at closing.
To find out more about selling your house fast in Detroit if you are behind on your mortgage, send us a message or call (313)647-8806 at any time!