People will often buy a house only to have their needs change as the years go by and life shapes their circumstances. Paying a mortgage on an unwanted house can be extremely stressful and excruciatingly frustrating. In this post, Pittsburgh Cash Home Buyers LLC offers 5 options for Sellers interested in getting out of a mortgage in Pittsburgh.
Paying an expensive unaffordable mortgage month in and month out can take its toll both financially and personally. It is estimated that 80% of all divorces are due to financial hardship or the inability to make ends meet. Below, we offer information to help Sellers lift the burden of a mortgage, quickly, without having to worry about excessive fees, penalties, realtor commissions or closing costs. If you have any questions about getting out of your mortgage in Pittsburgh, call Pittsburgh Cash Home Buyers local Mount Washington office at (412) 900-8261 – we want to hear from you & we can help!
Sell Your Home Fast without Paying 6%
The easiest and most convenient way to get out of your mortgage in Pittsburgh is to sell your house to a professional direct-to-seller home buyer. Pittsburgh Cash Home Buyers LLC buys single family and multi-unit properties directly from local homeowners and can close in about 30 days . Selling your house fast in Pittsburgh will not only save you on holding costs including utilities, maintenance, property taxes, homeowners insurance premiums, and more, but also provide you with certainties regarding your closing date and certainties regarding how much you will receive on closing day. A traditional listing with a broker or agent can be extremely effective for move in ready properties, but many home sellers that are struggling financially, often have updates and repairs that end up being a strain both emotionally and financially all while taking up several months of your time. For those who are looking to sell right away, a direct sale to a professional local home buyer like Pittsburgh Cash Home Buyers LLC will not only help to save time and money, but also provide you with peace of mind and certainty many sellers can benefit from when selling a home that needs a little work!
Hiring A Real Estate Agent or Broker-Lising on the MLS
Often the only option Sellers believe is available to them- Many choose to hire a Pittsburgh real estate agent when it is time to sell a home. While a customer focused Realtor or agent can provide significant beneficial in some transactions, in others, the costs associated with listing and marketing fees are often not worth the money- especially if a home needs updates or repairs. It is important to remember that most Buyers buying on the MLS are seeking move in ready homes and will often cite problems or necessary repairs required after closing as justification to offer less than listed price or leverage the lack of updates to negotiate down on price. If you do not mind paying agent commissions, making repairs, or waiting around for a buyer, hiring a Pittsburgh real estate agent may be the best option for you. If you home is updated and requires no repairs, selling on the MLS is most likely a good fit for you. If you need to get out of your mortgage right away in Pittsburgh, you may be better off with selling your house directly to a professional local home buyer. Working with an experienced team like Pittsburgh Cash Home Buyers can help Sellers quickly get out of an expensive mortgage in Pittsburgh without any cost or hassle.
Rent Out Your House & Become a Landlord
This option is not for the faint of heart, but for those with great management and people skills, could be a solid solution. This solution requires you to manage your property, find a qualified tenant, negotiate a lease agreement and exercise the lease as outlined. Pretty much your tenant will not be paying the monthly mortgage on your behalf, but you will still be legally responsible or obligated to maintain the terms of the original mortgage you originated. Finding the right tenants can not only help to pay off your mortgage, but also enable you to collect passive income. Passive income is the amount of money you might make if your tenants are paying monthly, and paying more than your monthly mortgage invoice. Keep in mind that not all properties make great rentals and not everyone is cut out to be a landlord. 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.
Gift Your Home or Have a Family Member Assumme your Mortgage
You do not necessarily have to give your property away, but you can gift your property someone else and have them assume your mortgage terms. Maybe you have children or another family member who would be interested in paying for and living in your house. You can either have them assume the mortgage, 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. this can be a win-win situation and many Sellers are optioning to go this route especially with the amazing interest rates being made available to the public throughout the last decade.
Rent To Own
Selling your house via rent to own has becoming increasingly popular in the Pittsburgh region over the recent years. This option of selling your home works wonders for those wanting a higher total selling price for their home. Sellers looking to sell for “full retail market value” can get their asking price in exchange for being paid out over a period of time versus a single one time lump sum payment. This option works best when a property is livable and the Seller just wants their property responsibilities alleviated completely. This means no more monthly payments or taxes or maintenance or dealing with tenants. The Seller gets a monthly payment over a period of time that is higher than the cash value, and the buyer will rent the property from the seller as-if-it-were-there-own (rent-to-own). The Buyer lives in the property and takes care of all the responsibilities and then purchases the property outright after making an agreed upon amount of payments over a period of time. A rent to own agreement will open the door to numerous potential buyers, giving you better odds of a fast sale at a much higher sales price. While Sellers opting to go this route will not see the entirety of the sale price right away, they will be able to collect higher than average rent and a guaranteed income for the next 1-2 or 5 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. If the tenant does not buy the property, the Seller gets to keep all the cash flow and can re-rent-to-own to another potential buyer.
Are you ready to get out of your mortgage in Pittsburgh?
Pittsburgh Cash Home Buyers LLC can help you secure 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 do not have to feel stuck with an unwanted or burdensome property! If you need to sell your house fast, our team is here to support you!