People will often buy a house only to have their needs change as the years go by. Paying a mortgage on an unwanted house can be incredibly stressful and frustrating. In this post, we offer 5 ways to get out of your mortgage in Lee's Summit so you can move on with your life!
Paying an expensive mortgage month in and month out can take its toll. Especially if you have grown out of the house and are looking for something different. Your options will depend on the value of your home and how much you owe on that mortgage. Right now, in Kansas City home values are up relative to what they were a few years ago, so selling to a cash buyer or through a listing agent may work best. If however the market shifts, you may find that your home value is not high enough to cover the cost of paying the mortgage off and the other costs associated with selling, this would then put you in need of options where your buyer is taking over your mortgage, you might be renting it out, or possibly a Short Sale, which we have not written about in a very long time, but we expect to be talking about more in the coming months.
Sell It Fast
The easiest and most convenient way to get out of your mortgage in Lee's Summit is to sell your house to a direct buyer. kcmoHomeBuyer buys houses directly from local homeowners and can close in only a matter of days. Selling your house fast in Lee's Summit will save you a fortune on holding costs including continued utilities, property maintenance, taxes, homeowners insurance premiums, and more. A traditional listing can be effective, but the process can end up taking several months while costing you a lot of money. For those who are looking to sell right away, a direct sale to kcmoHomeBuyer will help to save time and money, giving you the peace of mind you need!
Hire An Agent
Many people choose to hire a Lee's Summit real estate agent when it is time to sell their home. While an agent can be beneficial in some transactions, in others, the costs and fees aren’t worth it. If you do not mind paying agent commissions, making repairs, or waiting around for a buyer, hiring a Lee's Summit real estate agent may be the best option for you. If you need to get out of your mortgage right away in Lee's Summit, reach out to a local agent. Sometimes even with their timelines and fees, a seller can net the same or a bit more than selling for sale by owner. Sometimes its about the same as selling directly to a cash buyer, and the cash buyer can often save you a lot of time.
Rent It Out
While technically you will still be on the hook for the mortgage payment each month, you will be able to have your tenants pay it for you. Finding the right tenants can not only help to pay off your mortgage, but you may be able to collect passive income this way too. Keep in mind that not all properties make great rentals and not everyone is cut out to be a landlord. Even still, if you find the right property management company, you can find great tenants, rent out your property, and have someone else pay your mortgage for you. If you decide to go the rent it route, we might be able to recommend a few good property managers who could assist you, we suggest checking with the local real estate investor association at www.MAREI.org as they have several great property managers they work with and also the Kansas City Chapter of the National Association of Property Managers at https://kansascity.narpm.org/
You don’t necessarily have to give the property away, but you can give it so someone else and have them assume the mortgage. Maybe you have children or another family member who would be interested in having the house. You can either have them assume the mortgage if possible, or you can sell it to them for what you owe, ensuring your debt gets paid off, without any further penalties or fees. You will benefit by cutting your ties with the house, whereas your friend or family member will score a great deal by taking the property off of your hands. It’s a win-win situation for everyone involved.
Rent To Own
Selling your house via rent to own works great for those who want to sell for market value and who don’t mind waiting a while before the home is sold outright and they have collected the full sale price. A rent to own agreement will open the door to numerous potential buyers, giving you better odds of a fast sale at a great price. While you won’t see the entirety of the sale price right away, you will be able to collect higher than average rent, a deposit, and guaranteed income for the next 1-2 years. Once the rental term is up, your tenant will have the option to buy the house outright. If they are unable to, the house will remain in your name, and you can either choose to sell it or rent it out to another individual.
Are you ready to get out of your mortgage in Lee's Summit? Working with kcmoHomeBuyer will help you get the price you want for your house while saving you a fortune along the way. We can help you get out of your mortgage so you don’t have to feel stuck with your unwanted property any longer! If you need to sell your house fast, our team is here to support you!
If you want to learn more about how to get out of your mortgage in Lee's Summit, reach out to our team! We have answers to all of your selling questions! (816) 408-3600
HELPED ME THROUGH THE PROCESS
Words cannot express how Kim’s hard work has affected my family. After a death in my family, I was left with a home out of state that had been abandoned and no banks would even claim the loan! Kim helped me figure out how to determine ownership, what to do about the taxes, and how to clear up the loan status so the property could be sold. She helped me through the process every step of the way, despite my frazzled mindset after losing a loved one. There is no one better, she’s simply the best!
While we are licensed Real Estate Agents with Realty Resource, this site is maintained in an effort to purchase houses, not list them as agents. We are acting as buyers and would love to buy your vacant houses, your fixer-upper houses, your inherited houses, your loved ones houses . . . pretty or ugly or pretty ugly, we love them all.