Selling a house when you owe more than its worth can be a challenging situation, especially if you’re under pressure to sell quickly due to personal or financial reasons. The prospect of navigating this scenario may initially seem daunting, but arming yourself with a comprehensive understanding of your available options is pivotal in empowering you to make informed and strategic decisions that align with your objectives and aspirations.
When faced with the dilemma of selling a property with an outstanding mortgage balance exceeding its current worth, it’s essential to approach the situation with clarity and foresight. By exploring various avenues and potential strategies, you can effectively navigate this complex terrain and devise a tailored solution that not only addresses your immediate needs but also safeguards your long-term financial well-being.
While the prospect of selling under such circumstances may evoke feelings of uncertainty or apprehension, it’s important to recognize that you’re not alone in this journey. Seeking guidance from experienced professionals and leveraging their expertise can provide invaluable support and guidance as you navigate the intricacies of this process. With the right resources and support network in place, you can confidently navigate this challenging situation and emerge with a solution that optimizes your financial outcomes and propels you toward a brighter future.
Here’s a guide on how to sell your house in Columbus under such circumstances.
Commissions
When selling a house in Columbus while being underwater, commissions can quickly eat into your proceeds, potentially leaving you owing money at the closing. However, there are alternatives to traditional real estate agents. Professional buyers like Homesmith don’t charge commissions or hidden fees when you sell directly to them. At Homesmith, our local professional buyers offer you a cash payment that reflects the exact amount you’ll receive after closing. Additionally, you won’t have to worry about closing costs because Homesmith provides a full-service in-house team of specialists who handle everything efficiently, often resulting in a guaranteed closing date within days. Alternatively, you can discuss your preferred closing day with Homesmith’s professional buyers, and they’ll work with you to accommodate your needs.
Prep and Repairs
Ideally, when selling your house, you’d invest in repairs and enhancements to attract buyers and maximize profits. However, this can be challenging if you’re dealing with negative equity. Professional buyers like Homesmith offer a practical solution by evaluating the potential returns from property improvements versus buying the house as-is. Opting for a direct sale to a professional buyer removes the need to worry about inspections, repairs, and the associated costs and risks. Additionally, you can avoid the time-consuming preparations and showings that typically accompany traditional sales.
Current Market Value
If you’ve fallen behind on payments and you hear the distant rumbling of foreclosure from your lender, it is best to take quick action. However, you may find you can’t afford to pay the difference if you need to sell your house in Columbus and you owe more than it’s worth. Professional buyers like those at Homesmith can help you zero in on the properties current market value and, if needed, help you through the process of a short sale to avoid bankruptcy or foreclosure. At Homesmith, our professional buyers are highly seasoned negotiators who will work with your lender to help you avoid the negative consequences of inaction that can drastically affect your life in many ways, including your credit score.
Ideally, you would make repairs and prepare your house to attract buyers and maximize your profit. However, this can be unrealistic when you’re facing negative equity. Professional buyers like Homesmith will assess the potential profit from making improvements and listing the property versus negotiating a short sale versus their cash offer to buy your house as-is. Opting for a direct sale to a professional buyer means you won’t have to worry about passing inspections or taking on the risks and expenses of repairs. Additionally, you can skip the preparations and showings that come with the traditional sales process.
No Obligations To Give Homesmith A Try
Selling your house directly to a professional buyer at Homesmith is the optimal solution when you owe more than it’s worth. With a straightforward and expedient process, Homesmith’s professional buyers and their team prioritize transparency. As members of the Central Ohio community, they genuinely care about helping people and want you to make an informed decision that you’ll feel good about long after the closing. Contact Homesmith for a free no-oblication consultation at (614) 401-3651 or 877-HOMESMITH to get the information you need and explore your options.