When you bought your home, you had a plan for paying for it. Unfortunately, life has a way of throwing wrenches into the best plans. Once you’ve fallen behind on mortgage payments, it can become quite difficult to catch up. Sometimes selling the house is the best option. How does being behind on payments impact your ability to sell your house to a home to a home buying company?
The Impact of Equity
The first thing to figure out is what sort of equity you have in your home. If your home is worth more than what you owe, being behind on payments probably won’t stop you from being able to sell your home to a home buying company. In fact, the speed at which a home buying company like Sierra Housing Solutions can complete a real estate transaction makes them a desirable option for those who are behind on payments. The sooner that is resolved, the better. If you owe more than your home is worth, however, you’ll have to negotiate a short sale.
Negotiating a Short Sale
A short sale is when you sell your home for less than what you owe and use the money to pay off the lender. Because the lender isn’t getting paid as much as you originally agreed to pay them, they’ll have to be on board with this option before you can pursue it. The offer you get from a home buying company compared to what you negotiate for the short sale may impact whether you can sell to a home buying company or not.
Why It Matters
Short sales can make buying another home more difficult. You can’t use the money from the sale for a downpayment. Short sales can also negatively affect your credit score. Still, a short sale won’t have as strong an impact as being foreclosed on. Foreclosure leads to harsher consequences. It’s something you should avoid if you can. Selling to a home buying company can make that possible.
Once you fall behind on mortgage payments, you can’t waste any time getting that resolved. Fortunately, selling your home can be a great option that resolves your problem. If you need to sell fast, talk to Sierra Housing Solutions and see what sort of offer you can get for your home. If our offer works for you, there’s no faster way to sell your home.
Do you need to sell your Silver Springs home fast? Sierra Housing Solutions is ready to make you an offer! Click here to get started today!
