As the real estate market fluctuates with changing economic times, people will often find themselves wanting to get out of a mortgage that no longer makes financial sense for them. Being “underwater” on a mortgage, where you owe more than the house is worth, is especially stressful, both financially and emotionally. This article will explain 5 ways to get out of your mortgage in Greenville so you can just move on!
Don’t just accept the stress that paying an expensive mortgage brings – if you’ve outgrown the house and need something different, there are options! We provide some information here to help you get out fast, minus all the fees and penalties. If you have questions about getting out of your mortgage or selling your house in Greenville, we definitely want to hear from you!
Sell It Fast
The single best way to get out of your mortgage in Greenville is to sell it to a direct buyer. Pitt Home Buyers buys houses form local homeowners, easily and conveniently, and closes in a matter of days. When you sell fast, you save a ton of money on various holding costs, like insurance, taxes, maintenance and utilities. Traditional listings take a while and are much costlier, in most cases. Some home buyers even pay all of the closing costs! If you’re looking to get out right away, then a direct sale is the way to go.
Hire An Agent
When you’ve made the decision to finally sell, the next step is often hiring a [market city] real estate agent. Agents incur all kinds of fees, like commissions, repair costs, time wasted waiting for a buyer to show up, etc. Selling your house directly will almost always result in a faster sale. Granted, agents often bring market knowledge and insight with them, but this value may not justify what you end up paying for it. Working with our team will get you out of the mortgage for your current house in [market city] without any cost or heartburn.
Rent It Out
Rental property is a great way to build wealth in the US, so placing tenants in your property, and effectively having THEM pay your mortgage for you, isn’t a bad approach. You may even turn a profit and generate some passive income from it. Being a landlord is challenging, so anyone in this situation should ask themselves if they’re cut out for being one, and if not, look into a property management company instead. This way, you have tenants paying your mortgage and the manager dealing with any headaches that arise.
Another option is to gift the house to your children, relatives or close friends who may be interested in the home. They would then assume the mortgage, or you could sell it to them for what you owe, and you’d be free and clear, no penalties, no fees. This is truly a win-win option.
Rent To Own
Lastly, check out rent-to-own as another possibility. Here you’d place tenants in the home, and (in some cases) a portion of their rent would go towards the purchase price, with the tenants eventually able to exercise an option to buy the home from you. 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. Drawbacks here are that you have to wait a bit to close the sale, and the agreement is more complicated than a standard rental agreement; on the flip side, you will be able to collect higher than average rent, a deposit, and guaranteed income for the next 1-2 years.
Okay, so now you have the tools you need and you’re ready to get out of that mortgage in [market city], right? We can help you get out of your mortgage, so you don’t have to feel stuck! Working with Pitt Home Buyers will help you get the price you want for your house while saving you a fortune along the way. Our team is here to support you; contact us today!