Get Out of Your Mortgage in Philadelphia
People often buy a house only to have their needs change as the years go by. Paying a mortgage on an unwanted home can be incredibly stressful, frustrating, and costly. This blog post offers five ways to get out of your mortgage in Philadelphia so you can move on with your life!
Paying an expensive mortgage month in and month out can take its toll significantly if you have grown out of the house and are looking for something different. Below, we offer valuable information to help you get out of your mortgage quickly, without worrying about excessive fees or penalties. If you have any questions about getting out of your mortgage in Philadelphia, we want to hear from you so we can further assist you with navigating through these difficult times.
Sell It Fast
The easiest and most convenient way to get out of a mortgage in Philadelphia is to sell my house fast to a direct cash house buyer. Buying Property 215 is a local company that purchases homes directly from homeowners and can close in only a few days. Selling your house fast in Philadelphia will save you money on holding costs, including continued utilities, home maintenance, taxes, homeowners’ insurance premiums, and much more. A traditional real estate listing can be effective, but the process can take several months while costing you a lot of money. For those individuals looking to sell a house right away, a direct cash sale to Buying Property 215 will help save time and money, giving you the peace of mind you need and desire!
Hire An Agent
Many people decide it’s most appropriate to hire a Philadelphia real estate agent when it is time to sell their home. While an agent can benefit from some transactions, the costs and fees aren’t worth it in others. Hiring a Philadelphia licensed realtor may be your best option if you do not mind paying agent commissions, making repairs, conducting inspections, or waiting for a licensed realtor. If you need to get out of your mortgage in the historic city of brotherly love, you may be better off selling your house directly to a reputable home buyer such as Buying Property 215. An agent can be costly and time-consuming; working with our team will help you get out of the mortgage for your unwanted property in Pennsylvania without any cost or hassle.
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 help pay off your mortgage, and you may be able to collect passive income this way too. Remember that not all properties make great rentals; not everyone is cut out to be a landlord or a potential tenant equivalent. Even still, if you find the right property management company, you can locate excellent tenants, rent out your property, and have someone else pay your mortgage!
You don’t necessarily have to give the property away, but you can give it to 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 consider the mortgage if possible or 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 problem property, whereas your friend or family member will score significantly by taking the property off your hands. It’s a win-win situation for everyone involved.
Rent To Own
You are 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 total sale price. 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 cannot, 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 Philadelphia? Working with Buying Property 215 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 no longer have to feel stuck with your unwanted property! If you need to sell your house fast, our team is here to support you!