Financial Distress? Don’t Wait to Sell Your House!

Homeowners facing financial distress

Financial distress can happen to anyone. With inflation, an unpredictable job market, a roller coaster stock market and other economic issues out there, you could find yourself facing a tough financial situation. Financial struggles can happen gradually as you find your situation getting worse month after month as you fall behind on mortgage payments. Or, it can virtually happen overnight with a lost job, medical emergency or something else that comes unexpected.

Use Your House to Your Advantage

It’s an unfortunate scenario to find yourself in, but there is potentially good news if you are a homeowner. Your real estate is likely your biggest financial asset. As long as you aren’t upside-down on your mortgage loan, you may be in a position to sell your house it now and alleviate some (or all) of your financial concerns. You may even have some viable options if you do owe more than the home is worth. Selling it before a foreclosure or tax seizure might be a better solution, or there may be other options available to you such as mortgage forbearance, refinancing or another feasible resolution.

Don’t Wait for Things to Get Worse

The important thing to keep in mind is that time may not be on your side. Unless you know your financial situation is going to get better soon, you will want to take action and do something about your house as quickly as possible. Sell it while you can. Get some money out of it to pay off other debts and get out from under the financial burden of your mortgage loan before the situation gets worse.

A cash home sale may be your best solution in a serious financial distress situation. A traditional home sale on the open market might net you a little more money. However, the process will take much longer (several months at least) and will cost some money out of pocket for closing costs, real estate agent commissions, repairs, etc. You may find yourself digging yourself into a deeper hole by the time the house sells.

If you aren’t in as much of a rush and want to get the absolute most out of your home sale, then the traditional process may make sense. Otherwise, a cash home sale is a great option for homeowners dealing with significant financial distress. A cash home sale can be completed very quickly (days or weeks rather than months) because the buyer is paying cash instead of financing with a mortgage loan.

Other Cash Home Selling Benefits

Real estate investors buying homes with cash are also generally purchasing the properties in as-is condition. This means you may not have to worry about any repair costs/time, complicated contingencies or intrusive home inspections/appraisals. The buyer will take the property off your hands quickly. You will get any cash you are owed after the mortgage is paid off, and then you can move on with your life—free from the financial burden of your house.

It is very important to explore all your home selling options, but also to take action as soon as you can to avoid your financial situation getting worse. Consider selling your house for cash now. PropertyLark will gladly make you a fair and fast cash offer for your house within 24 hours. Just fill out the form on the right to get started and we will contact you right away with your offer!