We Buy Houses - Huber Heights OH: Are you unwilling or unable to take your own money to the closing when you sell your house? That’s what can happen in today’s market when house values drop below what is owed to the lender. If someone buys your house for what you owe, or close to it, without a profit (equity) you may need to take your checkbook to the closing of the sale. You’ll need to pay any fees or invoices for inspections and commissions that are due. This can be a factor that actually stops many people from selling.
They often must wait until the market recovers before they can sell and at least break even. That’s what can be done as an alternative to selling and losing money. But what about those who cannot wait to sell? What if you must sell because you are moving out of the area or your income has been reduced and you are having difficulty with your current mortgage? You will have to sell now and don’t have the luxury of waiting for the perfect timing to sell your house.
One solution is to avoid fees and commissions by selling the house yourself. You can find lots of resources on the internet to help you sort through all the necessary details. Most of them offer support to guide you through the process and get your listing out to the maximum number of potential buyers. Most people look for houses on the internet before going out physically to look so you’ll want your listing to be where they can find it. For Sale by Owner websites are well equipped with information and logical steps that you can take if you want to sell your own house.
By saving money on commissions to have someone else sell it for you, you will have a little more flexibility at closing time. Calculate what you owe your lender and any fees or penalties you’ll pay for paying off the loan before the allotted time and then find out what you can reasonably expect to receive from a buyer for your house. You can contact your lender to find these figures and get a list of what you might need to pay above what you still owe, if anything. Most loans are written today with a ‘no penalty for early payoff’ stipulation but it wouldn’t hurt to find out for sure.