Few people are lucky enough to be able to buy their homes outright. On top of that, most mortgages last 15 to 30 years. If you have been hit by tough financial times, you may have had to take out a second mortgage.
With those factors, it’s understandable to want to sell your home while you still have a mortgage on it. This can be stressful, but it gets even more worrying if you also have to move quickly. Maybe you’re relocating to a new city for a job or have another reason you need to move. If this is the case, you have a few options.
Renting It Out Works But Is Less Than Ideal
If you are on a time crunch and need to move, you may not think you have time to sell the house.
In that case, maybe you will think about renting. This can be helpful if your mortgage is low, and you know you could get enough in rent to cover the home’s expenses and make a profit. But that’s not always the case.
There’s also the fact that you would have to find someone to rent your house to. That can be nearly as time-consuming as selling your home. You would also have to deal with all the
responsibilities of being a landlord. That can be challenging, especially if you are in another city.
Yes, You Can Sell Your Home With a Mortgage
So, you’ve decided to sell your home before your move. Is this possible even if you have a
mortgage? The short answer is yes.
Financially, you need to keep a few things in mind. Most importantly, you will have to pay off the mortgage when you sell the home. In other words, your in-pocket profit from the sale will be the price you get minus closing and selling costs and minus the remainder of your mortgage.
You Need to Prepare Your House
Even if you get ready to sell, there is no guarantee that you will sell your house fast for cash via traditional listings. If you are in a hurry, you will need to make repairs and clean and stage your home. Then, it could take months to attract a buyer. What would you do in the meantime?
Cover Your Finances With a Contingent Offer
Unfortunately, moving in a rush doesn’t give you much time to list your home for sale and find a new one. You also probably don’t have the money to buy a new house before selling the old one. Contingent offers can solve this.
This is when you make an offer to buy your new house (in your new location), but if your current home doesn’t sell, that offer does not go through. It essentially prevents you from having to pay two mortgages. The issue is that there’s still no guarantee you will sell your current home, and in the meantime, where will you live in the new city? Additionally, contingent offers are less attractive for sellers since they have no guarantee.
A Cash Sale May Be the Best Choice
In many cases, your best choice to sell your house fast for cash in Las Vegas is to get a cash offer. Our Las Vegas home buyers will give you an offer for your home in almost no time at all.
You can have cash in hand within a week if you want. You are unlikely to find an option to sell your house faster than this.
Get a Fast Free Home Offer
If you have a mortgage and need to sell your home quickly, then Fast Free Home Offer will be
your best choice. We are Las Vegas cash home buyers that let you sell your house fast. In just a matter of weeks or less, you can have cash in your pocket and won’t need to worry about the property you sold. You can start enjoying your new life in your home.