Behind the mortgage? This can be a very stressful time, both emotionally and financially, for you and your family. Understand that you’re not alone. In this predicament, there are a great deal of families. Even if you are behind on your mortgage, read on to learn how to sell your Philadelphia home.
If you currently find yourself among those in this situation, do not hesitate, particularly if your lender has begun to communicate that foreclosure is on the horizon, it may be the best choice to sell your house. If you are behind on your mortgage, the time is now to sell your Philadelphia home. To avoid making mistakes when you take steps to fix your issues, it is important to speak to your lender and let them know the steps you are taking, keeping open lines of communication. Failure to act contributes to complex foreclosure procedures. By assuming that this means that you will be free of your financial commitments to the lender, don’t fool yourself. And there are deficiency judgments in certain situations, wherein the lender is still technically owing any outstanding debt on the mortgage note after the lender collects the selling proceeds from the foreclosure.
Selling on Your Own
It may seem to be a money-saving option on the surface to pursue the task of selling your Philadelphia house if you are behind on your mortgage. There is a large amount of paperwork involved in selling a piece of real estate and several deadlines for paperwork submissions. Pricing your home without adding unreasonable value based on your emotional connection to the house would be another difficult issue for you. Prepare to present your Philadelphia home on the market with a financial outlay of up to thousands. If you sell the Philadelphia house successfully, you need to know that there are legal hazards involved. Even if previously unknown, any major repairs found after closing could mean taking legal risks on your own as well.
Real Estate Agent
Another way to sell your Philadelphia house is to list with an agent, even if you can not pay your mortgage. Reparations, repairs, and improvements may be needed unless your property is in great condition. As a part of the overall marketing and promotional budget, real estate agents have a staging plan at your expense. You will also be paying fees and closing costs in addition to these expenses. When they are already struggling to stay afloat, before your home ever sells, their demands will financially sink you. Note, you have no certainty in conventional listings on if or even when your Philadelphia home will sell..
Selling directly could be your best choice if you are considering selling your Philadelphia house if you are behind on your mortgage. The benefits of partnering with a direct buyer are crucial to consider, particularly when you have debt hanging over your head and you are moving closer to the foreclosure deadline every day. By selling directly until it is too late, you will be ahead of the lender and the foreclosure process. No interruptions from shows in your life, no obligation to keep it spotless at all times. By dealing with novice customers, backing out and failing to close, you will not be left under the fire. None of the costs of listing a Philadelphia property, with no real estate fees coming off the top at closing, will come into play.
The Philly Homes And Lots home, even if you are behind on your mortgage! You will have a guaranteed sale, a fast closing date you can count on to escape foreclosure, unlike conventional listings. Give us a message or call (215) 385-3055 at any time to learn more!