Many people fall behind on their mortgage payments, so if you’re one of them, don’t worry. There’s still a way for you to sell your home. Regardless of whether you’re late or behind on your mortgage payments, the mounting costs may seem overwhelming, and selling may be your best option.
If you’re busy Googling “how to sell my house behind payments in Lexington, KY,” you’ve come to the right place. We’re here to tell you what you need to know to do just that.
Whatever the situation may be, selling a house requires a lot of time, effort, and money. You’ll need to make sure your home is in tip-top condition to make it as attractive as possible to potential buyers. If you’re late or behind payments, you’ll need to work against the clock, so you don’t lose your home in the process.
How to sell your house fast if you’re behind payments in Lexington, KY
Not all hope is lost if you’re behind on your payments. Here are a few options you can consider.
Negotiate with your lender
The first thing you can do is to get in touch with your lender and inform them of your predicament. Be as transparent as is necessary so you can come up with a solution that benefits you both. During the discussions, ask for an extension on your payment and renegotiate the current terms. This will buy you more time to find a buyer.
Consolidate your loans
On the subject of selling your home, one way to go about this is by consolidating your loans. This will make it easier for you to pay off your monthly mortgage while lowering the payment amount over the total duration at the same time.
Start early
Don’t wait until the last minute to begin getting your ducks in a row. The later you start, the less options you’ll have. Once you begin noticing you’re falling behind on payments, start contacting your lender and research on the legal processes you can employ.
Hire a professional
The traditional way to sell a house is by partnering with a professional real estate agent. They will help you stage your home and find potential buyers. The problem with this, however, is that there are numerous costs that come with hiring a real estate agent. You’ll need to think about staging costs, closing costs, and real estate agent fees. On top of this, it does take a substantial amount of time to close a deal, which may not be ideal if you have a tight deadline to meet.
Sell the house yourself
A good way to forego the real estate agent fees is by opting not to hire one entirely. This is called For Sale By Owner (or FSBO). As the name implies, you will be the one in charge of selling your own home. This option isn’t for everyone, though. Selling a house requires significant knowledge of the real estate laws that govern your area, as well as needing to know how to properly file the paperwork. If you don’t have the experience with either, it can make selling your home difficult.
Sell to a professional homebuyer
Your last option would be to sell to a professional homebuyer like Rylo Homes. At Rylo Homes, we buy houses in Lexington, KY regardless of the state, condition, or situation they’re in. This includes homes that are behind in payments, fire-damaged homes, or homes in probate. When you sell to a professional home buyer, you can guarantee that you’ll receive a fair cash offer in as little as 72 hours. This is also the most cost-effective way to sell your home because you don’t have to think about repairs, advertisements, or real estate agent fees.
Our goal at Rylo Homes is to improve the overall quality of housing for the residents at Lexington, KY. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 317-8553 today.
