Frequently Asked Questions
Deciding to sell a property takes proper planning. Being forced to sell a property can be extremely stressful. If you are struggling to make payments or facing a repair that you simply can’t afford, selling your distressed property to the right buyer can greatly reduce your worries.
Forms of Distress
Distressed homeowners can come in many forms. You may have
- suffered a serious financial setback
- found an unmanageable problem on the property
- be facing a big life change, such as divorce or the death of a spouse
If you’ve lost your job due to changes in your industry or if your employer has had to shut down, you may need to re-tool professionally. Paying for school will be challenging, covering school while paying for your home could be impossible.
You may have bought a house that needed some work and found that the damage is much more severe than expected. If you can’t DIY the repairs, the repairs may make the house impossible for you to live in, repair and afford.
You may be facing the loss of your spouse in one form or another. A contentious divorce can quickly wipe out all of your ready cash, leaving you to try to cover your own housing costs while you pay for attorneys and try to care as best you can for any dependents. Putting a large house payment on top of these burdens can make them impossible to manage. Additionally, a house caught up in a divorce receives little maintenance as the parties work through who will ultimately be responsible for the property.
Losing a spouse to illness or sudden death can also turn a property owner into a distressed property owner. If you’ve long been caring for a sick loved one, you probably haven’t been worrying about updating your home, or even able to maintain it. High medical costs can also make staying on top of home repairs nearly impossible. Selling as is may be the best way to lower your stress level and allow you to move forward with some mental peace while your heart heals.
Skip the Financial Devastation
If you need to Sell My House Kansas City because of a difficult financial situation, you are not alone. Instead of struggling to get on top of payments that are taking all of your ready cash and making it impossible to save, contact us for a discussion about selling your property before you’re at risk of foreclosure.
Once we have met and discussed a price, you will need to contact your lender and explain your situation. The real estate crisis of 2008 taught lenders many things, but one of the biggest was that they don’t want to own property. They want to own the loan, and if the loan can’t be paid, they want to recoup what monies they can.
By taking our price offer to your lender, you can present them both with a problem and a solution. Lenders are also dealing with a lot of pressure at this point, from foreclosure moratoriums to PPP loan programs that are taking a lot of their resources. Our offer, combined with your timeline for walking away from the property, may be the solution they’re looking for.
Enjoy a Quick Solution
The process of falling into financial trouble can take several months and even years. The stress of this uncertainty can be incredibly hard on you, leading to
- anxious thoughts
- stress-related illness
By acting on our offer, you can turn from worry to relief. There may still be financial pitfalls to be worked through once you take our offer to your lender, but the fact that you’re on your path to get out from under the burden of this property means that you have the chance to go in a new direction free of the burden of this property.
Your payout will be fast. Similarly, the changeout in possession will also be quick. If you’ve been facing repossession or eviction for a while, you likely have been getting ready to move for a while. You are probably even more ready to lower your stress and leave this debt stress behind.
If your dreams of home ownership are no longer sweet dreams, or if your life situation has changed to the point that hanging onto your home will be destructive to your happiness, we can help. Shut down the worry about your property woes. Contact us for a conversation.
Why Not Sell On My Own?
FSBO, or For Sale By Owner, structures can look lucrative from the outside. You don’t have to pay a realtor and you may be able to set a higher price or even carry some of the financing, which lets you capture interest as well as the purchase price. However, if you want to Sell Your House Fast Kansas City, a FSBO is the worst structure to use.
When you FSBO, you are the one who has to
- handle the showings
- meet the inspectors
- negotiate with the buyer’s agent
- weather the foreclosure if you carry part of the financing, and
deal with the repo mess
Additionally, depending on how old your title search was from when you bought the house, you may have to deal with errors that weren’t caught the first time, new issues that have cropped up with zoning in your existing neighborhood, or anything unusual that cropped up in the current title search. If you choose to FSBO, make sure you don’t have to move quickly and be certain to have savings to cover any double-house-payment months that are headed your way.
Why Not Sell to an Owner Occupant
If your house is in good shape and you have time for showings, then you can make decent money off a house with a conventional sale to an owner occupant. However, if you
need to sell quickly
have repairs that you can’t make
are behind on your mortgage and at risk of foreclosure
can’t handle the work of being ready for showings
then a conventional sale quickly turns from profit to pain.
Why Can Investors Offer Such Fast Payouts?
To Sell My House Fast Kansas City, working with an investor is really the best choice. While a mortgage has to clear several hurdles to get approval, most investor loans are made with hard money, or money available in short term lumps instead of long-term notes.
What’s Hard Money?
A hard money loans is used by real estate investors to make short term purchases that can either be paid off quickly through a sale or paid off quickly via refinance. For example, if you have a property for sale that needs work that you don’t have the resources to complete, a hard money lender will lend an investor
- money to give you a fair price for the property
- cash to cover the repairs
The terms of a hard money loan are short and the interest rates are high. The companies and borrowers who can qualify for these loans have a strong repayment history and do a great job of doing the work quickly to get their money back out quickly.
What About Inspections?
When selling via a conventional mortgage, you house will have to be safe and livable on the day the buyer gets the keys. FHA requirements can demand that you make many changes before a pre-qualified buyer can be cleared to buy your house, or you may have to face another price negotiation. Depending on the inspection points, this can mean getting a negative inspection report on your
Selling to an investor means that the pressure is on them to buy your property as is, repair or update it, refinance it, or sell it themselves. However, whatever it is that they have to do is not your worry, because you have already been paid.
Will It Hurt My Credit?
Selling your home to an investor can actually save your credit. If you’re facing foreclosure because your finances are so tight that you can’t make the payments, you have 120 days from the first missed payment until a foreclosure proceeding can be started that will take your property. If you can sell your the property within these 120 days, you can keep the foreclosure off of your credit report. Be aware that your bank may have to accept a short sale, or less than you owe for a guaranteed payout.
A short sale will show up on your credit as settled and can lower your credit score. However, with positive debt management and payment history, you can start to improve your credit score in 24 months.
An investor will buy quickly, pay out in very short order, and allow you to move on. Rather than dealing with repairs or waiting for negative inspection reports to burn up all of your time and extra cash, contact Kansas City Home Offers for a fair and speedy fix to your property challenges.