Sell My House

I lost my job and can't make the payments.

If you find yourself chanting "please sell my house", there is hope. Even in today's depressed real estate market there are strategies that can release you from the financial bondage of your mortgage.

Some strategies are more complicated than others. A lot depends on the balance left on your mortgage, and how hard you are willing to dig for resources in order to sell your house.

It is important to engage in due diligence to ensure you are working with a reputable home buying organization or individual. All businesses are required to be licensed in the state where they do business. Business licenses are generally handled through the Secretary of State's office.

The easiest way to validate business licenses is via the Internet. Using your favorite search engine type in your state and the agency handling business registrations. For example, if you reside in New York, type in "New York Department of Revenue" or "New York Secretary of State."

Knowing the value of your house and exercising patience and restraint are key. Get your home appraised; it’s worth the $250 to $500 cost.

In a good market, the sale price can be 10 percent to 15 percent above the appraisal. In a weaker market, the sale price may be around the appraisal figure.

Borrowers attempting to avoid foreclosure sometimes turn to "We Buy Houses" programs. Recently, this topic was featured on the news.

With the magnitude of pending foreclosures, it was just a matter of time before the scam artists found a way to prey on desperate borrowers. The news story explained how homeowners were signing over the deed to their home, yet being held responsible for making mortgage payments.

On the other hand, there are legitimate home buying companies that have helped borrowers sell their houses and make a fresh start. ALWAYS have an attorney represent you when you have to "sell my house."

A frequently overlooked resource for selling houses quickly is real estate investors. Although the housing market is in a slump, many investors are buying houses at record speed. History has proven real estate makes for a smart investment.

Savvy investors realize the real estate market will eventually turn around. By purchasing houses now, they can potentially reap significant profits in the future.

Homeowners who need to "sell my house" fast should seek out private investors who buy and sell residential properties. Many investors purchase homes with cash to expedite the sale and save thousands of dollars in real estate agent commissions and settlement costs.

Loan officers at banks and other lending companies probably know a few of these investors. They are also listed in the Yellow Pages of most major cities.

Real estate experts recommend using the services of a real estate attorney (and a realtor) when selling or buying a home. When borrowers are financially strapped and need to sell their home quickly, they have a tendency to neglect important aspects; particularly obtaining legal counsel.

At a minimum, real estate contracts should be reviewed by a lawyer to ensure real estate transfer documents are legally binding and properly submitted through the appropriate court. "I want to Sell my House and Buy a House at the same time."

Selling a house is a complicated process, and very little of it is within your control. The buyers are making the decisions. If you're able, try to put your home on the market as long as possible before buying a new one. Otherwise you may end up paying two mortgages, which can be difficult.

A home inspection is also important in avoiding complications and delays during your sale. The seller will get an inspection, but discovering problems during a pre-sale home inspection allows you to have more control over how to handle them. This should be done before telling a real estate agent to "sell my house."

Anything minor should be corrected before showing the house. If your home inspection uncovers serious problems, it’s essential that you familiarize yourself with your state’s disclosure laws to avoid future litigation. This will probably result in a lowering of your sales price, but you don't have much choice.

If you find a house that you can’t wait to buy before selling your own, you can ask your lender for a bridge loan. A bridge loan is a special type of loan that, if you have enough equity in your current home, allows you to pay the down payment on a new home. You may also be able to get a home equity loan in order to help with the dual mortgage payments.

However, I suggest that this produces too much debt (even though it's a short-term situation) and that the best strategy is to not even look for a new home until you have a contract on your existing one. It's much easier these days to find a home you like than it is to find a buyer for your current home. You can then schedule a simultaneous closing for both properties.

Contact me if you have questions about how to "sell my house" by clicking here.

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