When you are upside down on your mortgage or you owe more than the current market value, it can feel like your back is against the wall. Typically, fluctuations in the economy cause downward trends in real estate pricing, which can have a negative effect on those with little to no equity. Often, homeowners find themselves in this situation when they have taken out lines of credit against the equity to cover living expenses.
Please know you have options and some bargaining power, especially if you take advantage of the time you have before you reach more severe stages of being underwater with your mortgage. Now is the time to act if you foresee troubled financial waters ahead and it may be time to exit the property. Read on to discover how you can sell a house in Kalamazoo and surrounding areas that is worth less than you owe.
Owner Financing
Consider offering owner financing as a way to sell a house in Kalamazoo and surrounding areas that is worth less than you owe. The benefit to the buyers is worth far more than you may realize with owner financing. At the very least, their initial down and monthly payments should more than cover your mortgage for the contract duration. Another benefit of this situation, the buyers are responsible for caring for the property as if it were their own. With careful applicants and a savvy marketing campaign, you could find tenants willing to pay higher than market value. Your asking price is higher because you offer to hold the property off the market for the next two years. Real estate can fluctuate significantly over this length of time, you may take a loss on the sale at the current price, so your asking price must include a calculated estimate of what the market could demand for the property in two years. There are many reasons for this situation; typically, the buyers are working towards saving for a large down payment and getting their credit in better standing. The main attraction of owner financing is that it allows the buyers to begin living a homeowner’s lifestyle now while they have time to improve their standing for approval on a mortgage. In the worst-case scenario, should your buyers fail to fulfill their end of the deal, you still have your valuable real estate and you keep any payments the buyers made towards the mortgage.
Buyers typically seek a ready to move into the property. For homes that need a lot of work, they will expect deep discounts. If you are experiencing cash shortfalls and your home is in a state of disrepair, owner financing may not be the correct answer for selling your home. A better option may be a direct sale to a company like Ryan Buys Houses, which will purchase most homes as-is.
Ryan Buys Houses
Ryan Buys Houses may be able to help you get a cash offer if you need to sell a house in Kalamazoo and surrounding areas that is worth less than you owe. Now and moving forward, the direct buyers at Ryan Buys Houses are here to help. If you want to understand all your options from a traditional listing to our offer, please reach out! If don’t have time to list and wait to sell, or you are fending off bill collectors and need to sell now, a direct buyer from Ryan Buys Houses will provide you with a quick closing date. At Ryan Buys Houses, our direct buyers don’t work on commissions, so you don’t have to worry about taking anything else off the top at closing. Please note you are still responsible for any past due taxes which will be taken care of at closing. When you sell directly to Ryan Buys Houses, you could have your cash in hand in a matter of days. If you’re not quite ready because a direct buyer from Ryan Buys Houses isn’t planning on moving into the property, we can be flexible and set the closing for any day on the calendar that is best for your timeline.
At Ryan Buys Houses we can address your concerns about selling directly with absolutely no obligation. Please feel free to ask us any questions. At Ryan Buys Houses, we understand this is an extremely stressful time, so we stop and take the time to listen to your needs and selling goals. Working with experienced local home buyers at Ryan Buys Houses makes the selling process easy and we will walk you step by step through the process. We want you to feel good about the deal long after closing. Ryan Buys Houses will detail the costs and profits of listing on the traditional market vs. what you’ll see from a direct sale so that you can make the best decision for your circumstances. Contact Ryan Buys Houses at (269) 775-4095.
