Whether you find yourself in a situation where you’ve overpaid for a property in a bidding war, fallen behind on mortgage payments, or property values have decreased, being upside-down on your mortgage can be challenging for homeowners. If you are facing the possibility of foreclosure and need to sell your house rather than waiting for the market to improve, you may feel under pressure. It’s important to explore your options carefully to avoid costly mistakes.
Given the many decisions you have to make, being well-informed and considering the advantages of each option can give you confidence in your choices. Keep reading as we discuss four strategies you can consider if you are upside-down on your mortgage in North Carolina.
Assessment
If you find yourself in a situation where you owe more on your mortgage than your home is worth in North Carolina, the first step is to assess your current standing accurately. Begin by reaching out to your lender to determine the exact amount owed on the mortgage. Additionally, consider hiring a professional appraiser to provide precise figures for your property.
Companies like Zack Buys Houses are committed to helping you make well-informed decisions about your property. They will evaluate the potential earnings from listing your home on the market versus the option of directly purchasing your house in its current condition for cash. By choosing to sell to Zack Buys Houses, you can bypass the need for extensive preparations, cleaning, and repairs. They will transparently present all the relevant information used to formulate their offer, ensuring that you are comfortable with the terms and satisfied with the transaction long after the deal is closed.
Short Sale
If you find yourself in a situation where you owe more on your mortgage than your property is worth in North Carolina, it’s important to explore all available options. While opting for a short sale may come with its own set of consequences, they are typically less severe than the impact of declaring bankruptcy or going through a foreclosure, especially when considering the long-term effects on your credit score. At Zack Buys Houses, our experienced team of professional buyers are skilled negotiators who can assist you in navigating a short sale with your lender. By selling your home directly to one of our experts at Zack Buys Houses, you can efficiently address your home selling challenges in North Carolina.
Pay the Difference
If you find yourself in a situation where you owe more on your mortgage in North Carolina than your property is worth, one option is to sell the house and cover the remaining mortgage balance at closing. When you sell your North Carolina property directly to experienced buyers like those at Zack Buys Houses, you can expect a fair price without having to worry about steep real estate agent commissions. At Zack Buys Houses, our team of professional buyers values transparency above all else, ensuring there are no hidden fees. Thanks to our comprehensive in-house team of experts, you won’t have to deal with any closing costs, and we can facilitate a quick, guaranteed closing. Consult with your Zack Buys Houses professional buyer to determine the most suitable closing date for your needs.
At Zack Buys Houses, our professional buyers are the best option if you are upside-down on your mortgage and need to sell. At Zack Buys Houses, our professional buyers stop everything and listen to sellers to help find the best resolution for your situation. Feel free to ask us any questions or express any concerns you may have about the process of a direct sale of your house. At Zack Buys Houses, we are your neighbors who live and work alongside you, and we are proud of the work we do helping North Carolina sellers with unique and individualized solutions, one seller, one property at a time. So why learn more about the difference a direct sale of your house can make by talking with a professional buyer from Zack Buys Houses for yourself without obligation? Call Zack Buys Houses at (704) 769-0141.