If your home is at risk of being foreclosed or your financial situation is pressuring you to sell your home quickly, a short sale is probably your best option. A short sale is the process of selling a property for a smaller amount than the remaining mortgage. Homeowners often choose to short sale as a desperate measure to avoid foreclosure.
The best way to complete a short sale is by working with home buyers. Thanks to their quick process, you can get cash for your home without much fuss. Regardless of your reason to seek a short sale, here are 3 things to keep in mind when selling your home to a home buyer.
The Pros
Selling your home to a home buyer is easier compared to using a real estate agency. Real estate agents require your home to be staged, implying making repairs and improvements to make it a more appealing sale. You must also pay the realtor a commission once the sale is complete. If you’re already considering a short sale, chances are you can’t afford those extra expenses.
Cash home buyers will buy your home as-is, so there is no need to invest more money in repairs or cleanup. Additionally, they don’t charge fees or commissions since they buy your house directly. Finally, homebuyers can provide cash offers quickly once they’ve inspected your home.
The Cons
Even though you won’t have to worry about making repairs to your home, you should keep in mind that these issues will have an impact on the final offer. Logically a house with no issues will get a better offer than a house with several repairs to take care of.
On the other hand, even if you’re okay with the final cash offer received, you should always remember that short sales need to be approved by your lender to be completed. This process can take weeks or months on their end, which will delay the closing of the deal even though home buyers can pay in under a week.
It’s a Win-Win
Even though it may feel discouraging to depend so much on your lender for the final call, a short sale is a win-win situation at the end of the day. You’ll be able to close the mortgage with the cash offer received, and the lender will be able to recover part of the original loan amount without an extensive legal process.
Work With Milwaukee’s Favorite Homebuyers
Plan B Homebuyers is your local expert home buying company. There is no need to keep searching for ways to quick sale a house in Milwaukee; we’ve got your back. Our years of experience in the industry have allowed us to work with countless scenarios, so we can guide you through your short sale process to guarantee you get the best outcome.