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Selling Your House After Job Loss
Help! I've Lost My Job!
Losing your job can be devastating, especially when you are the sole or major breadwinner in the household. Selling after job loss could benefit you more than you think. Even if you're entitled to unemployment benefits, you're likely worried if or if not that money will stretch far enough.
Meanwhile, the bills, including those big mortgage payments, are looming. It's only natural to vacillate between trying to find comparable work and save your home or put it up for sale and save your credit.
Whatever you do, you need to take action.
Work With Your Lender
If you've recently lost your job and are worried about how you will pay your mortgage, there are things you can do to help mitigate the problem. The first step is to pick up your phone, call your lender, and explain the situation.
You might be able to work out an arrangement, especially if you think your loss of income will be short-lived. You might be able to extend your mortgage over a longer period of time without remortgaging. This would reduce the size of your monthly payments.
You might also be able to defer a few payments, arrange to make interest payments only, or be granted payment holidays. Talk to your lender about all available options.
I Need to Sell After Job Loss
Sometimes selling is inevitable. If you've lost your job and need to sell your house, you have three options. Sell it on your own, work with a professional real estate agent, or sell your house for cash to a real estate investor.
Real estate sales can be complicated, so unless you're confident about your real estate knowledge and abilities, working with an agent or investor is probably the better choice. A good agent will take a walk-through of your house and compare it to similar houses in your area to help set the right price.
Keep in mind, you may be asked to make some pricey repairs or do some cosmetic work. Appraisal and inspection fees may also be required. Then, there's the closing costs and agent's commission. If you have plenty of time to wait out the process, that may be fine. If you're behind on your mortgage, however, time may not be on your side.
We Buy Houses
As mentioned previously, a third option is to sell your house to a cash investor. If you've lost your job and need to sell your house quickly, a cash investor can provide a valuable service. Our firm buys houses no matter the condition. When you call us, we'll send a professional home buyer to your house to evaluate your property and make a no-obligation, on-the-spot cash offer.
You won't need to make any repairs, pay for any appraisal, closing costs, or agent commissions. Our offer is transparent. All you have to decide is whether or not to accept. Most importantly, you can close on your timetable, often in as little as seven days.
If you need to sell your house fast, give us a call today.